Alright, so my LED for the OD is a blue light using 5 volts at 30mA which should be a limiting resistor of about 48R. I am fine using something like an 82 1/4 watt, right. Is the brightness affected at all with different values.
I've never heard of a 5 volt LED before. That sounds like a REVERSE VOLTAGE rating. We need to know the FORWARD VOLTAGE rating. The forward voltage would be something like 1.7v, or 2.1v, or even 3.5v for a super bright blue LED such as RadioShack sells.
Once you know the forward voltage rating and the forward current rating it's easy to calculate the value for the current limiting resistor (CLR). But you still need one more piece of info...
What is the supply voltage?Here's an example of how to calculate the value of the resistor for a 3.5v @ 30mA LED when the supply voltage is a 9v battery. The LED will be max bright when 30mA flows thru it. This 30mA must also flow thru the CLR. Since the LED will have 3.5v across it, the CLR must drop 9v-3.5v = 5.5v. And since there will be 30mA flowing thru the CLR, the resistance will be the voltage across the resistor divided by the current thru the resistor which is 5.5v/.03mA = 183.3Ω. So, the CLR should be 183.3Ω with this LED used on a 9v supply voltage to allow full/safe brightness. In reality you don't need maximum brightness (max forward current). Even half the current will usually give plenty of brightness, so just increase the value of the CLR to reduce the brightness, but never go lower than the calculated 183.3Ω or you will exceed the rating of this LED. In this example, I'd probably just use a 470Ω CLR.
So now, what wattage should the CLR be? That's also easy to calculate. The power dissipated by the CLR will equal to the square of the voltage across it divided by the value of the resistor. For the 183.3Ω CLR that would be 5.5v x 5.5v / 183.3Ω = 0.165W. Double that power for a safety margin so use a .33W resistor. Just get the next large wattage which is half watt. Applying the same math to the 470Ω CLR will show that a quarter watt would be sufficient.
In summary,
RCLR = (Vsupply - VLED)/ILED. Oh, and it's important to remember that the LED forward voltage will remain constant (within reason!). It does not depend on the current flowing thru the LED.