Looking for a way to have a general purpose red led to run on 120vac, and another to drive 24vac for a blue led

 

Hello,

There are no leds that run on 120 Volts AC.
There are led lightbulbs available that run on 120 Volts AC, those have a circuit inside to accomodate the led.
Standard leds can not stand more than 5 Volts reversed voltage.

Bertus

 

For 120vac, I believe a series 390nf cap rated 200 volts or more and a 1N4007 diode wired in reverse polarity across the LED should suffice.