Using a level shifter with 1.44 inch TFT 128x128 GLCD ILI9163 and a 5v Pro Mini

so i am okay with using the level shifter for issue 1,

but for issue 2,
why cant i use a current limiting resistor? in the previous arduino post, an E-12-82R was calculated for that specific display. another forum member used a E-12-56R without issues.

the other option

i build a votage divider, wouldnt it just be easier to buck the load LED pin a cheap buck coverter? if that is the case, how would that be connected to the circuit?