Oh yes it is. Forward voltage drop varies massively with LEDs over a very small range of current. Firstly. Measure the Forward voltage drop for each LED- they are all different. No matter how many so-called matched ones you get. I buy them in 1000 at a time and match them (whites and warm whites)
For me in vintage restorations, LEDs are a boon, but for most DIY restoring people, they end up lighting their gear like the proverbial Christmas Tree due to a lack of undestanding about LEDs.
Firstly, as
@March Audio said, the forward voltage drop and the applied votage are key as are the current you wish to run through the LED. 20mA used to be the standard LED current, back when LEDs had a luminous efficacy that was terrible. Now we have say a white LED that can run at 1-3 mA and produce a beam of light that is blinding.
I use a variable current supply to ensure the dial, meter, pointer, whatever gets perfectly subtle and matched. yet even lighting and then lock that current reading and translate it to a perfect resistor value for the applied voltage. A red LED will need more than a white, less than a green to give a uniform illumination to the human eye.