I replaced the LED's on some volcano buttons. I have 2 types of volcanos. On one, the LED's were soldered to pins that were molded into the plastic of the switch. Also the switch case was sealed with rivets. First I drilled out the rivets. Becareful when you open the microswitch because there are many small springs that can pop out. Next, I had to heat up the LED pins with a soldering iron and then carefully extract the LED and pins through the top of the switch. That was the easy part. The hard part was replacing the pins after soldering a new LED to them. I did not want to heat them too much, because it would probably damage the LED. I used a surgical clamp to slowly push and pull the pins back through the melted plastic. Finally, I don't have any rivets so I sealed the switch back up with some electrical tape. The switch could also have been sealed with some very small bolts. It worked great. The new LED's were actually too bright. I had to raise the resistor value because they were blinding.
The other type of volcano buttons which are probably more common are much easier to repair, because the LED pins are not integrated into the plastic of the microswitch.
There is nothing really technical about the LED's. They work independant of the switch. The only thing to mind is which pin is positive and which is negative.