The peak value of the input sinewave sets the peak current through the LED. This is the most important thing to control for long-term reliability. Read the datasheet, run some numbers, and tell us your conclusions and how you got them.
Note: the higher the LED peak current, the narrower the output pulse centered about the true zero-crossing. BUT - also, the higher the operating current, the higher the power dissipation in the two resistors. It is a trade-off.
ak