Heh - those LEDs are just to set the bias of the first 2 gain stages - with 2 of these particular LEDs in series, I get about 1.1 VDC at the cathode. Different colors and sizes of LEDs have different voltage drops, so I like to buy batches of mixed LEDs and try several types.
Some people call this "LED fixed bias". The response is like a fully bypassed cathode.
For fun, try it with a 12AT7 and a 1M anode resistor in a high gain preamp