Beginner looking to build a tiny tremolo

[nexekho]

I've had a guitar now for three years - nothing special, just a Les Paul copy and a POD, with the additions of a Crybaby and recently a Behringer US600.  A lot of years ago I used to build kit PCBs for fun, and I've been reading up on building DIY effects.  I've stumbled upon the tiny tremolo, and plan to build it as my first mini project.  I've been studying the design for the past ten or so minutes and it looks like it's actually two separate circuits; a quick loop in to out with a light sensor that drops the volume by increasing the resistance whenever it's in darkness and then a 555 timer circuit that turns a LED on and off.  Is that the case?  I've heard some sound clips of it and hope to pull off something like it, if a bit smoother.  Could I add a capacitor somewhere to smooth the LED a bit or use a tiny light bulb instead?  Also, is it possible to reduce the depth of the tremolo by adding a pot before the LED to make it adjustable?

Thanks!

[nexekho]

On second thought, for some reason only the first few posts loaded, I can now see the epic discussion.

Sorry!