On the memcal, you will find a goop covered board that is the ESC chip. The connections between the 4049U chip and the car is all made through the pins on this chip. We’ll call the chip a 34 pin chip. The dimple to indicate pin 1 is nearest the PROM. On the LED there will be one side that is “flat”. The “flat” side gets connected to the resistor.

Parts List - Mouser (800-346-6873, www.mouser.com) part numbers listed:
Red LED - #512-MV8104
4049U chip - #511-4049U Datasheet (171KB PDF)
Resistor - #299-1K

The resistor and LED are available from Radio Shack also, but the chip is not.

NOTE I tested the B8 pin in the ECM, and it did not work for me, so disregard this instruction for now. I have merely left it up here in case someone else has the ambition to double check my testing.

Note from InvisiBill:
A simple inverter circuit (1 NPN transistor and 2 resistors) should work in place of the 4049U chip, but I have not tried it.