Even simpler in concept, though possibly larger and more expensive in implementation is a diode followed by an resistor and capacitor. The resistor should be about 1/3 or less of the current limiting resistor for your LED. It may not be necessary, it limits the current sourced by whatever is feeding the .33Hz signal. The capacitor is chosen to give a time constant of at least 1 second with the current limiting resistor. The diode just keeps the possibly low shunt impedance of the short from dumping the charge out of the capacitor.
This concept will keep the LED on, though the brightness will vary. Brightness variation can be reduced by making the capacitor larger. Now days you can buy Farads in reasonably sized packages. You don't mention the amplitude of your .33Hz signal, but if it is large enough you can totally eliminate brightness variation with a zener diode (and probably one more resistor).
If you go the 555 route you will have to do something similar to provide power, or provide a separate power supply (battery, wall wart or whatever), so it is likely that this approach will be appealing.