Sure, with a simple 20 milliamp red led almost anything will work.
I think the 4002 is a 100 volt part and the 4007 a 600V part and one amp/1,000 ma.
With only 20 ma, a small signal diode like the 1N914 or 1N4148 will work. (depending on manufacturer they go from 50-100V and 50-100 milliamps)
You can put two leds back to back so each lights on each half cycle of the sine wave. Since the duty cycle is only 50% - the current would be double for the same intensity of light from each - when you calculate the dropping resistor.
When one led is forward conducting it limits the reverse voltage to the other - and more light out with two - or you were talking about replacing two leds in the first place.