IMAQ is a very elegant and powerful solution for your problem. However; it may be overdoing it, it depends on your problem of course.
The issue is cost. Cameras run anywhere from a few hundred to a few thousand dollars. Capture boards are an additional expense, and then there's IMAQ itself.
If you have more than one LED, and simple sensors won't do the trick, then I strongly recommend investing in the hardware and tools, rather than trying to solve this with thousands of hours of software. IMAQ is the way to go if you have a scaleable problem, or if there are multiple LEDs, or their positions aren't fixed, or will change for future lines.
IMAQ is also very easy to work with. It takes very little effort to program with it, and NI even has a few op
tions to eliminate some or all of the programming (NI Vision Builder writes code)
If you could provide more detail, an ideal solution could be offered.