Why the mosfet in your diagram ?
In your diagram the current is going back in to the chip via the switch wires, the mosfet is detecting current going to the 510 and then sending current to the led so nu currunt is going back into the chip, its a safer way to do it.
Ive done it the way you described and had no problems but on other forums they don't recommend it as it could hurt the chip. Better to be safe than sorry.