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He's got 4 LoA and 4 Reejerey, plus 3 Coralhelm... why does he need more lords? I wouldn't say a "standard" list necessarily contains more than that.

No you can't. LED can only be activated any time you could play an Instant, but that doesn't change the fact that it's a mana ability, and therefor does not use the stack, so it can't be responded to.