there are more types of LEDs than you could possibly imagine, they do have tolerances where they *can* work but its better to have an exact specs replacement so you don't simply blow all the LEDs, are they case LEDs throughout the chassis that plug into the motherboard or are they on a molex connector?
for soldering irons, it's all about the tip and comfort, you can use any soldering iron but not just any soldering iron will make the solder come out clean and work easily (the one i have is not pretty, need to grind the tip which is bent to hell -actually, i'm going to do that now, thanks for reminding me)
the ones shaped like a gun (J100 below) has its purposes, but is not for fine work
the more common type like this is more general purpose as it works well under any circumstance, and you have a constant heat control(I have the long type that the iron itself plugs straight into the wall, its a pain if you need a specific temperature(ie, if its too hot it will damage parts) so you have to keep plugging/unplugging it)

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if you have the money get one with adjustable temperature, if not the type ^ is effective and some even have easily interchangeable tips, i'd advise against the big solder gun.
-Austin

Screamin' BCLK:

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