Lets say i have a simple circuit composed of a battery, an led, and a current limiting resistor all in series. Does the resistor increase the draw on the battery or lessen the draw on the battery?
You said it yourself. It LIMITS the current. Draw = current and surely you don't think that limit means increase?
You can answer that by solving Ohm's Law for two different resistor values.
I was kinda expecting the resistor to add to the draw of the circuit. Thanks for answering my dumb question.
That is somewhat missing the point.
If you connect the LED without the resistor, unless the battery (such as a "coin cell") limits the current due to its own limited current providing capacity, the LED will draw excessive current and burn out. So there is no option of omitting the resistor, it is a necessary part.
Strictly, it is not a current limiting resistor but a current defining resistor.