Wawa:
Just use a p-channel mosfet for the power switch.
It can be very small, because it only powers the 555.
Leo..
Will do! The questions were just to improve my understanding, I never doubted that you were correct. =)
What's your opinion on the step-up voltage regulator with 'Enable' feature that Ted posted. Seems like it solves the problem of needing too many AA batteries to meet voltage requirements (of 2 MOFESTTs, 555, and LED) and it can function as a switch. I can live with the low power draw. The only drawback I can see is they are pricey ~$1.