That would work, but this way is simpler and uses WAY less idle current. I have kept the resistor in series with the LED in case you will be using a regular LED, but flashing LEDs usually don't need a resistor:
If he does the things that I have highlighted in red, the LED will be on until the voltage drops below Vref. I don't think that's what he wants. Of course, he really wants a flasher anyway, so an LED on the comparator output ain't gonna work anyway.
It is the simplest, but not necessarily the cheapest if you have zeners and opamps in your junk box. If you need to buy the parts anyway, then my way will work out the best for you. The problem with the opamp/zener route, is that you'll have a higher current draw off the batteries and they won't last as long. Those low voltage detector circuits draw less than 3uA and you'll be hard pressed to build anything with opamps and zeners that draws less than 1000uA.
So if one is under their keyboard and one is being ignored, the who is here to help? Cheer up guys. If you never made a mistake you would learn nothing.
No worries Allvol, your avatar reminds of me when I was about 6 years old. I did about the same thing with a paperclip. Never will forget the experience...lol