@LarryD Yes, I think I get all that.
But if it is not important for the led to be off while the button is pressed, then I was thinking that if the led should be on, the pin would be output+low for 99.9% of the time, as you describe. But if the led should be off, then the pin would be input for 100% of the time. So no need for the pin to be high at any time, and no need for the additional resistors.
Am I making any sense?