That diode would protect the components on your board if diode can handle the powerbank output current. The 1N4000 is a 1A diode, and you really ought not run more than 1/2A through it continuously, just for the sake of margin. I assume that your powerbank can deliver much more than 1A, so in a reverse polarity situation the diode is probably going to fail. If your board normally draws 100mA then you can put a 1/2A fuse in series with the power input, with your diode after that, and the fuse will blow when the voltage is reversed.
But I don't see the problem with just using the series diode (as I sketched). Your 555, FET, LED will operate just fine at 4.3V (assuming a 0.7V drop across the series diode). Adjust the load resistor as needed to get the current you want. The 1N4000 will be a good diode for this application. As long as your other loads are connected to the power input, they will still see 5V, not 4.3V.