I actually have my own designed board that I use - it is actually a slightly hacked board that I use for my thermostats but it has everything I need. It has the ESP-12 soldered onto the pcb - I just suggested the WeMos as a quick hack as I use this as it can be re-programmed via the com port as it uses the RTS to reset - my board doesn't - sometimes the mods throw a wobbly so it's just easier to use the WeMos.
I get the idea about the led - problem sometimes with the ESP8266 is it uses one of the gpio lines and it can be different on different boards.
You'll see there is a watchdog in the code that resets (or should) if something goes wrong. So far I've not had any lockups that I'm aware of - the occasional reset (no idea why) but it always recovers.
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