Using a 555 instead of 7555
The NE555, being TTL has a minimum input voltage of 4.5V.  It won't work on the 1.5V that your referenced circuit uses.  That said, I see no reason why you couldn't use an NE555 at 5V, provided that you adjust the values of R2, R3, and add 5 diodes (3.5V worth) in series with the LED.