If that led wasn't there, would you have sprayed it in situ? 
If you are, you could always just making tape it and cut around the led with a scalpel and paint away
But as already mentioned, take it out and it will be pretty clear what's going on behind there instead of worrying about it now. I found to slowly use a trim tool from the left side and work my way clockwise very gently while applying a slight downward pressure. Haven't broken tabs yet, luckily!
If you are, you could always just making tape it and cut around the led with a scalpel and paint away
But as already mentioned, take it out and it will be pretty clear what's going on behind there instead of worrying about it now. I found to slowly use a trim tool from the left side and work my way clockwise very gently while applying a slight downward pressure. Haven't broken tabs yet, luckily!