You want output resistors so that the possible current draw is limited when you inevitably short the ring to shield, which happens every time a cable is inserted in a jack. Without the output resistors, there is a knob position which can short the output directly to 9V, where the current would possibly only be limited by the internal resistance of the battery.
The LEDs are totally optional in case you want some indicators. I would not even worry about reverse current unless you are using a LiPo battery or something, plus an LED is not the appropriate choice of diode for that application anyway.