I'd connect the collector to the point labeled 5 and eliminate R1.
There is no fear of the transistor not saturating enough because LEDs always use more than a volt...maybe even 2 volts to activate.
The way you have this hooked up, the transistor will have to dump half an amp!
Could you draw that? I was simulating a load for the transistor with the 10 ohm. I figured that keeps it under the 800mA limit. I am not really good at BJT calcs other than keeping the base at a fraction of the collector current.
I'm too lazy to do a drawing. I haven't figured out anything better than to draw the circuit with a pen, scan it, shrink it, crop it, conver it to a png, and upload it. Just remove the 10 ohm resistor and connect the collector of the transistor to the junction of R2 and the LED. That way, you're simulating a load for the transistor with R2. Then you can change R3 to 4.7k.
The problem with your circuit is that it makes no sense to dump hundreds of milliamps through the transistor when the LED only uses about 8 ma. Dump the 8 ma to ground with the transistor.