Asuming that you find a LED to be visible at 1.5v ????. Asuming that the 1.5v is not a AAA or AA cells because they are not 1.5v it is possible to run an lm555 at minutes cycles and turn on the LED at not less then 95% of the minutes time. Asume 1 min then the on time will be 3 sec every minute.You might add battery life if you add a couple of farads across the battery. these caps are not expensive $2 each. The size is half the size of AA battery. So think before you proceed. Do you realy have a 1.5v source and a led of 1.5v