Well I'm still experimenting with this stuff too. From what I understand, mcds are not the only indicator of brightness. According to Joymonkey and Randy Luminous flux is an important factor when lighting buttons which is a calcutlated by both mcds and beam angle. They talk about it more in this thread
http://forum.arcadecontrols.com/index.php?topic=49222.0Whether it's too bright or not depends on what you are lighting. I used red 8000mcd leds with a 30 degree beam angle to light up my player one and two buttons. They work great because the hard plastic of the button really defuses the light and you can see them well even during to day.
Now if you stick those in the bottom of a happs translucent and they have a 15 degree viewing angle they will create a spotlight effect and really blind you.
Like I said, I'm not the expert but I hope that helps a little.