I've spent quite a bit of time under dark skies. Somewhere in this thread I saw a reference to a 1W led, which is way more than you'd want under normal circumstances, but I suppose there are cases where you could use a lot of light, as long as it's not directly in your eyes.
Just because it's red doesn't mean you can have as much as you want. My favorite red flashlight is indeed very simple, and the thing that makes it valuable is the trimmer pot that lets me keep it as low as possible. It serves as the off switch also, so I can slowly and carefully dial from "off" to "dim" without going too far, and ruining the dark adaption I worked on for half an hour.
In other words, the usability is the most important thing. How you get there doesn't matter much.
The chemical reaction in your eyes, to lose dark adaption, happens very (very) quickly. I would be nervous about PWM, unless I tested it, or someone else tested it carefully. Nothing worse than looking back in the eyepiece and no longer seeing the nebula because of this cloud of insensitivity in your eyes covering it all up!