I think your math is right. You are not trying to knock the voltage down very far. I see, however, that the forward current for "RED" is 40mA. Even still, you should be good with a small value resistor, and the wattage is still below the 1/8W range. Anything should work. I might even go without...That said, you should probably go a little higher. Try it with a 10 or 22 ohm resistor and see if it's bright enough.
The problem is that your proposed supply voltage (3.3V) is too close to the nominal LED forward voltage (3.2V), so a simple series resistor won't give you good current control. I suggest you either run the whole project from 3.7V instead of 3.3V, or use constant current regulators fed from the 3.7V supply to drive the LEDs. Unfortunately, the standard 2-transistor constant current circuit needs around 1V minimum headroom and you only have about 0.5V, so you will need a more complicated constant current circuit, e.g. an op amp driving a mosfet.