Okay, so I measured 16.3mA current draw for the diode @ 5V. Plonked a 1.2k resistor in there and so far everything seems to be working great! I did notice that at 1200Hz it drops to 4V - which I've compensated for, by bringing the duty cycle up from 50 to 75%. This is by far a nice, cheap, simple solution - though only because I already have the opto-isolation built into the controller.
Thanks again for the help guys.
Andy