Neither is good because the voltage drop is current dependent. If the LEDs are off (such as at power-up) the voltage drop will be minimal. In addition, your target voltage is the absolute max of the micro and this is not a good place to be!

simulate this circuit – Schematic created using CircuitLab
Figure 1. Loading the diode voltage dropper.
If you want to proceed with this approach I suggest that you put a minimum load on the diode dropper and get the voltage well into the safe operating voltage range of the micro. A fixed resistor pulling a few tens of mA should suffice and you could make use of it to light a "power-on" LED.
The power waste will be insignificant on a mains power supply.
Problems with the resistor option:
- Let's say you're aiming for a 5 V supply and that the LED resistors drop 3 V. We can calculate the LED current then as \$ I = \frac {V}{R} = \frac {3}{220} = 13.5 \mathrm {mA} \$.
- Let's also assume that the micro draws 0.5 mA. (Wild guess.)
- There are three possible conditions: no LED, one LED and two LEDs. Let's look at the voltage drop through your 33 Ω resistor in each case.
Table 1. Resistor voltage drop calculations.
I V drop
No LED 0.5 mA 0.5 x 33 = 16.5 mV
1 LED 14 mA 14 x 33 = 462 mV
2 LEDs 27.5 mA 27.5 x 33 = 907 mV
This clearly shows that there is no regulation with the resistor (meaning that the voltage varies with load) and that on power-up or with all LEDs off that the voltage on the micro will be only 16.5 mV below the supply.