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I've built one myself (Tested, just needs to be boxed) without the rate LED and no problems at all.
As far as I know neither the diode or the IC should be an issue as long as their orientation is correct
Not 100% sure if it would be an issue (Better brains than mine will be able to tell you how important that might be) but according to the layout on this site the voltage regulator should be a 7805 not a 78L05? It definately shouldn't be getting hot though, if it does then something is definately not right. First thing, I'd do is double check to make sure it's in the right way round then check the volatges on each leg. Could also be a faulty componet so if you are able to then substitution could solve the overheating problem, and if it's still getting very hot within seconds then I'd cut the power immediately and go over the whole board very carefully to look for any dry joints, solder bridges, etc, otherwise something's likely to fry! Any time I've had similar issues to this it's nearly always been wrong component/orientation, missing componet, and I've found that just giving the board a good clean up often helps as well
Hope it helps and good luck
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