Instead of two LEDs back-to-back, you could also use a four-diode bridge with one LED across the "DC" diagonal.
The non-linear current through the series resistor into the LED load (even if balanced) will cause some distortion on the output from a generator with finite output resistance.
I have an old General Radio 1346 "Microvolter" that contains a simple AC/DC voltmeter before a wide-range attenuator. Its specification is that it will induce less than 0.5% distortion when the meter rectifier is driven directly (higher-voltage ranges) or < 0.02% when driven through an internal transistorized amplifier (on lower-voltage ranges), on the waveform from a 600 ohm source.
It can also be used to inject small DC voltages from an internal battery, or as a passive attenuator for AC or DC.
Of course, the load current in the panel meter is much, much less than the current required to light up an LED (perhaps 0.1 mA fs?).