Using an LED instead of a standard PN-junction diode is generally not advisable due to significant differences in specifications such as resistance, threshold voltage, and current handling capabilities. While all LEDs are PN-junction diodes, they are designed for specific applications, primarily light emission, and may not function effectively in roles requiring general-purpose diodes. The discussion highlights that various diode types serve different purposes, and substituting an LED could lead to performance issues. It is crucial to compare the specifications of the components to ensure compatibility with the intended application. Therefore, for applications requiring a standard diode, it is best to use the appropriate PN-junction diode rather than an LED.