Savage, no need to over complicate it, you will be fine, and yes, that parallel diagram you have shown is the normal way to do it - but you can just run one wire from the USB and "common" the negative line at the LEDs.
Regular LEDs will not light at all at 1.2 volts.
Now you are a pretty knowledgable guy Rich, but we are talking a voltage drop from 5V, and these things are pretty tolerant.
I have built an awful lot of light bridges and controller stations, and I use coloured LEDs when requested as pilots on my bridges, and I use pilot LEDs on my controller stations. - and in a pile in other applications.
For my controller stations I generally run resistor values determined as if the supply was cranked to 14V, and the pilots run perfectly well all the way down to 6V - just getting pretty dim by then.
Here is a 1.9v 20ma rated red LED with an 82 ohm resistor. I set the main supply at 5.1 volts - it's analogue and not that accurate, then wound down the rheostat for the individual output on my test bench. - The pilot says 4.3 volts, but these cheap panel meters are a bit (quite) inaccurate at very low current draws, and it is actually more like 3.2v across the line, and the draw wasn't really 40ma, ore like 15ma
The LED is still glowing nicely.
In the latter pics, a green pilot LED with 1.8v forward voltage 20ma current rating and a 560 ohm resistor
- (same formula basis 14V 1.8 forward - 20ma required draw 560 ohm resistor), is running at 12v then below at 5.9v. Dimmer, but still fine.
The formula says I should be using a 200 ohm resistor to get the 20ma and voltage drop from 14 to 1.8, but as you can see it is not only fine at 12v, but still glowing at 5.9v