You are not mistaken sir.
Only thing id add is that you usually want to add some sort of resistor in series with the led (unless it has a built in one) because leds are so low draw that the almost create a short circuit on their own.
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almost create a short? Not really correct technically I mean they traditionally draw low voltage and and current but never heard any electronic component being accused of looking like a short. It would all depend on if you wire them in series or parallel. If you wire them in series I don't think it would hurt much since the LED resistance(which is low) would just be added to the resistance of the other lights until one of them burned out and they both died. Now wiring the led in parallel off of an incandescent light could cause an issue as resistance would drop significantly
I would make a piece of plexi that is the exact same shape as the GT/cobra logo and mount the emblem on top of it. You will not see the plexi till its lit up and hen it will glow evenly all the way around the emblem.
I am doing something similar on my build I actually cut out the area where the GT logo went and I am going to be flush mounting a custom emblem(so its perfectly flat/even with the body). Its going to be mounted to a piece of plexi that will be backed with chrome so the chrome will show around the emblem, through the plexi. On the top of the plexi I am going to mount some leds that shine down so you will not see the actually light, just the light they put out into the plexi. I was going to do it mainly for night shows but as a turn signal it could be kinda cool