Yes it would depend on how much current the led draws. I use 330 as a general resistor.
It works with most leds that draw approx 20 ma at 5 volt.
To choose the resistor for the led:
Vs-Vd/LedIc =Rx
Whereas:
Vs=supply voltage (5 in this case)
Vd= led voltage drop
LEDIc= current draw of the Led
Rx= resistor in ohms.
If the pulls 10 ma and drops 2.1 volts then:
5-2.1=2.9
2.9/.010=290 ohms
So yeah, you are right 330 would be a little high.
If the led draws 20 ma (probably most likely), then a 145 ohm resistor will be needed.
You just need to check the specs on your led before choosing the resistor.