Intervalometer - Please check my diagram

I'm trying to design an intervalometer using 555 ics. The idea is to be able to switch between astable and monostable mode. Astable mode for taking a shot at set intervals (camer in normal mode). Monostable mode for taking 1 off long exposure shots (camera in bulb mode). I'm trying to minimise components so I've used the same pot for adjusting the time. The diagram is probably not all that easy to read but my electronics knowledge is limited. My question, is the diagram correct? I know that I must connect a diode across pins 7 & 2 of IC1. I haven't included it in the drawing because I figured I could solder it directly on to the 6PDT switch. I didn't want to go the PIC route because I have absolutely no knowledge of how to program them and don't want the added expense of a PIC programmer. I haven't figured the component values yet. LED1 is used to indicate that the camera shutter is open and LED2 is used to show that the shutter is closed. Should I scrap LED2 to conserve battery life?