I guess I'm too old for this stuff, since I have no idea what a punk console is supposed to do.
I do know 555's however, and I have serious doubts the layout as shown will ever accomplish much.
First, the set-up is backwards, I believe. The monostable is supposed to trigger the astable. According to the layout (a very pretty picture, by the way) and Eric's interpretation of the schematic, this circuit attempts to trigger the mono with the astable.
Analyzing the circuit with the 555 Timer Pro computer program, it appears the astable 555 would produce a frequency between 287 Hz at maximum resistance, and 47KHz (20K or so above normal hearing, I believe) with just a small resistance.
If that were to make it to the mono, and to the speaker or jack, the tone would sound for 27 milliseconds at the mid-point of the mono's controlling resistor.
Don't mean to throw cold water on your project, but I feel you have lots of work left getting it to operate. Hope I'm wrong in my analysis, and I'm here to help if I can.
Edit:
Also, the LED will never show very brightly at around l.5 mA current.