Jim -
I'm sorry my answer did not seem entirely clear.
Short answers:
The Tsunami provides between 12 and 13 volts at a function output, which can vary a bit depending on the particular DCC system you use.
The usual (99% of the time) output voltage of any decoder lighting function is 12-13 volts. I have heard of only one or two decoders that had any provision to regulate an output at 1.5 volts, and the Tsunami is definitely not one of them.
A decoder has one maximum current rating for the motor (may be 1 amp or more, sometimes less for N and Z scales) and a different rating for an lighting function. The motor is driven by four large transistors that can provide a lot of current because it is the motor that needs a lot of current.
The lighting functions are driven by tiny transistors, normally rated at maximum of 100 mA. Most useful model locomotive light bulbs and all practical LEDs require far less than this so a tiny transistor can serve.
Long answers:
A decoder starts with a full-wave bridge rectifier to change the alternating-polarity DCC track power to a steady DC voltage. A small capacitor on the output of the bridge helps keep the voltage steady through dirty track. The NMRA DCC standard for HO and O scale calls for 14.5 volts nominally at the track. This cannot be measured accurately with an ordinary voltmeter as they are not designed to measure square waves (just smoothly-changing sinusoidal power line AC.)
The diode bridge drops about 1.2 volts off the 14.5, so the internal power supply runs at about 14.5 - 1.2 = 13.3 volts. The lighting function common (blue wire) connects to the +13.3 volts of the decoder power supply. The decoder lighting functions wires connect to individual NPN transistors which can, when turned on, pull the function output to within about 0.5 volts of ground. Therefore, the function output provides about 13.3 - 0.5 = 12.8 volts.
The function wire is negative relative to the blue wire, so we connect the cathode (either marked on the package or longer lead) to the function output.
If the concepts of voltage and current are confusing, perhaps a plumbing analogy may be helpful. Voltage is like water pressure, current like gallons per minute, and resistance like the diameter of a pipe. Small diameter pipes restrict, or resist, the flow of water just as a resistor restricts current. A small diameter pipe is like a large value resistor. More water pressure can force water to flow more quickly through a small diameter pipe just as more voltage forces greater current through a given value of resistor.
I've installed a lot of decoders in HO and O, often with a dozen or more LEDs (because you can in O-scale) including Soundtraxx, and have been a practicing electrical engineer for over 30 years, so I'm not just making this up.
Bottom line:
Just pick up some 1.5K resistors for these tiny LEDs and have fun. Be sure to insulate all wires before putting the shell on the locomotive, so that there will be no unfortunate surprise short circuits and consequential damage to the decoder.
If you are not highly skilled in soldering, and do not have a very tiny tip soldering iron that is temperature controlled, get the Richmond Controls LEDs with wires already attached. They are easy to destroy by heat, and by static electricity so subtle you can't feel it. Sneeze and you will never find a bare 0603 package LED again!
I sincerely hope that this clears up any confusion. If not, let's continue the discussion!