Making a phantom powered power switch (not mute switch) with LED indicator
simulate this circuit &ndash; Schematic created using CircuitLab

Figure 1. (a) What you want. (b) What you're considering using.

You need a switch with two normally open (NO) contacts and one normally closed (NC).

The switch you've chosen has only one contact and two terminals so I suspect that the LED common connection is through the body of the switch and requires mounting in a panel connected to negative. (That's usually easy on a car dashboard.)

It is not suitable for your application.







simulate this circuit

Figure 2. The requirements can be met with a double-pole, double-throw, 2P2T, switch.