No, leave it alone. See below.
You can actually do it both ways. Having the N-channel on the high-side allows you to get away with no LED current limiting resistors. The negative feedback allows the extra voltage to dissipate across the NMOS itself. This means the NMOS does not fully turn on.
Putting the N-channel on the low-side has the NMOS fully turn on, but then you need current limiting resistors for the LED.
In your case, since you actually need the current limiting resistors because they are being used as a voltage divider, then there might be a veryyyyy slightly benefit in having the NMOS on the low-side but probably nothing you would notice. The only real benefit I can see is that the circuit with the resistive divider in there is easier to analyze compared to the NMOS on the high-side.