In this, I have ignored the LED's and the speaker/load switching as separate issues. The interesting part, I think, is how to switch the load impedance between 4 / 8 / 16. This can be done with two SPDT switches, but I think there is a better alternative -- a DP3T switch, like the CK 7211 or 7411. This is effectively a pair of SPDT switches that can be switched "left left / left right / right right". In other words, the middle position is half of each, and you get three out of the four possible combinations.
The forth combination that you'd get with two separate switches is a redundant 8 ohm setting.
The 7211 (2 pole) and 7411 (4 pole) are my favorites because I normally work with low currents. You'd probably want a different switch with the same configuration, for higher currents.
I think it's a pretty clean solution to the problem, though... I would rather just use connections for the various combinations, rather than switches. I just don't like the idea of putting too much high-quality current through a switch, even when they're rated for it.
I drew it and verified it with Falstad.
You can see that the LED's could be added by using four poles, and the speaker/load switching is external to all of it.