Powering Arduino + LEDs from 5v USB

I'm trying to control 3x LED's via and Arduino, and have it all powered off USB. The end product is a simple little desk widget that lights up when you press a button. If I simply plug the USB cable into the Arduino's USB slot and power it like normal then of course I will not be able to power the LED's via the Arduino pins because they draw too much current.

However, if I butcher one of my spare USB cables and use the power directly, I can draw upto 500mA which is more than enough for the 60mA needed for the 3 LEDs. I came up with this:

The choice of the 2N7000 is most because I already have a few of them. From the spec's (listed: http://au.element14.com/fairchild-semiconductor/2n7000/mosfet-n-channel-200ma-60v-to-92/dp/9845178). Specs list to 200mA 60v, well above the 60mA 5v I need.

So I'm just checking I haven't forgotten anything. Especially the resistor setup around the mosfet, it's been a while since I've worked with these guys so just double checking. Thanks!

Update:
As I mentioned below the reason I'm not running the 3 LEDs off their own pin is because I was trying to make it easy to spin them in future. With only +/- leads for the 3 LEDs the slip ring setup would be much simpler. Where as with each LED on it's own pin it gets complicated trying to connect 4 wires across and axle.

I don't know abouthte MOS FET, an emitter follower would be a for sure thing with a 2N2222, I would just source 5 volts out of three output pins for the 3 LED's and life would be good I think. Larry

I would just source 5 volts out of three output pins for the 3 LED's

That was my reaction too: but otoh, it is a waste of 2 pins which might be required for future development.

If I simply plug the USB cable into the Arduino's USB slot and power it like normal then of course I will not be able to power the LED's via the Arduino pins because they draw too much current

What makes you think that?
It will be fine.

Ahh sorry I guess I forgot to mention that it's setup to power the LED's all with 1 wire (as shown in the schematic). 1 positive and 1 negative wire to the 3 led's. Hence the 60mA can't come from one pin. If I didn't mind having each LED on it's own pin then can definitely run them all individually.

The reason for that is I was hoping to make the LED's spin, and it'll be much easier to build if I only have to have 2 splip ring contacts instead of 4 if I was running each LED off it's own pin. Infact with only 2 connections, I can just put one on each side of the axle.