Here is a video that shows how to setup a meter with just a needle. It's very straight forward -
VU EditorWhere the red lines intersect is the pivot point for the needle.
To setup an LED you do a similar thing.
From the fourth menu option, select Load Lamps and select a lamp image.
From the fifth menu option, select Lights
From the 6th menu option, select Remove All if any ticks are already present.
When you move the slider left and right you will see the Lamp image transparency changes.
Lets say you want the lamp to be 50% transparent at +1 decibels. Move the slider until the Lamp Light value at the bottom reads 0.50. Then select the 6th menu option and click on the +1 value. The same way the user does in the video when setting the needle angles. If you want it at 100% at +2, drag the slider all the way to the right so the Lamp Light value reads 1.0, select the 6th menu option and click on +2
edit: for multiple lamps you need to add the lamp images one after the other in the order you want them to appear. The Lamp Light maximum value will increase by 1.0 for every lamp added. So for 2 lamps the slider will go from 0.0 to 2.0. At 1.0 the first lamp will be opaque and the second transparent, at 1.5 the first lamp will be opaque and the second lamp will be at 50% transparency.