Is everything OK with this circuit?
Is everything OK with this circuit?   


The LED will light when the switch is closed.
For a lantern or flashlight it is not okay.  Mediocre at best.

Your LED "operating voltage" is too high for a Li-ion battery powered circuit. White LEDs are available with forward voltages (Vf) below 3V.  An A 18650 battery discharges to 3V (see red line in discharge graph).

With your LED if the Vf is 3.5V you will have insufficient voltage when the battery is discharged to about 50%.  

With a 1Ω resistor and full charge on the battery, the current will start at 700 mA (@4.2V) then quickly drop 400 mA (@3.9V) and not too long after that drop to 100 mA (@3.6V). This is why I mentioned in your previous post a battery powered lantern should a current regulator and not use a current limiting resistor. 

If you use an LED with a max Vf of 3V or less it will operate down to the end of the discharge curve. 


Source: Panasonic Li-ion NCR18650F Datasheet





If you do not have SMT capabilities then use a Cree XP-G3 (2.7V-3V) mounted to a star board.