The only interesting part of the project is the FET, inductor, and LED. The rest is just making pulses while using as little power as possible. This is not much of a circuit. Values are what I used, but are probably only really good as a starting point.
Capacitor on the power rail is very necessary. When you crowbar the power rail through the inductor, it makes a predictable sag. I ran it for a while without, and the chip reset with every pulse. Doh!
Also necessary is the pulldown on the FET. If it opens for more than a few microseconds, the inductor acts as a short to ground and it gets very hot. In your hand. As you're trying to program the darn thing.
Anyone wanna bet on how much more/less power a CMOS oscillator and pulse-shaper would use than the AVR?