Dingo, I draw my schematics with Linear Technology's
SwitcherCAD III, which is a totally free Spice simulator. I then use a freeware screen capture program to save the schematic as a .GIF file.
Regarding your circuit - it is definitely simpler than the one I suggested. I do have a critique, which I inflict on many posters. Feel free to reciprocate.
99SH wants the output to be a positive pulse, so you need to add an inverter, which is not a problem, since you have at least 3 left over.
What is the purpose of the 1uF capacitor? I think this will guarantee an output pulse every time power is applied - probably not desirable feature.
Are you sure the latch will come up in the untriggered state every time you turn on the power? Speaking of that, my latch has this problem. I have edited it to add this feature.
Your LED is backwards, and needs to be connected to +V.
One of the big features of the 555 timer is that its timing is easily calculated, is repeatable from unit to unit, and is virtually independent of supply voltage. I suspect this is not true of your circuit. This may not matter if this is a one-off project.