Two more questions before I attempt this:
1. Should I just pull the little connectors that go to the mobo from an old PC that had a standard ATX front panel setup?
2. I should be checking for a total of 6 connections from the original panel correct? That is: a (+) and a (-) for the common, power and reset? Or am I misunderstanding?
yep, grabbing some from an old case/setup is what i would do. have a bunch here if you can't find anything local. the older ones had individual leads for the different connectors and that would work better than the newer all-in-one black block thingy.
and no to #2. the original front panel board has only 1 common line (see paint pic above) and 1 power switch lead, and 1 reset lead. so, you are actually only looking for 3 wires out of the gray front panel cable. for pwr/reset, hook the (-) leads to the front panel common line (yellow pin), and then hook the pwr/rst (+) to the individual pins for the front panel power and reset switches (blue pin and red pin above).
edit: time for more badass paint pics...
and i have no idea which 3 gray wires, this is just a visual...
if you look on the ATX motherboard (or in the manual) you have 3 connections to work on. power (pwr), reset (rst), and the power LED (or pwr_led). on most ATX motherboards, the power/reset leads are 2 pins next to each other (O O), and the power LED leads are a block of 3 (usually use the 2 outside pins and ignore the center, or O x O).
i still think if you plan to do this without solder, you might also look for an existing LED from an ATX case. most of the older cases had plastic holders, and you can break open the holder and remove the led with the leads/wires already soldered on. cut/break the existing front panel LED thingy out of the way, and tape/glue the new one in the same place would be the easiest fix i think. just for fun, you could hook the new led to the hard drive LED (hd_led) leads on the motherboard instead of the power LED leads. i don't know about you, but i can hear if the computer is on, and i'd rather see hard drive activity so i can tell if it's hung again... and would look cool flashing behind the power button. anyway, best of luck.