nope. regular LEDs work fine, depending on the room you play in. if you can adjust the settings on the camera enough to remove all sources of light except for your tracking points, then that's all you need to do.
the reason IR LEDs are suggested is so you can filter out visible light better, and still have a good light source.
i put together a very basic 1-point tracking system last night. i bought a webcam ($30usd) and a small LED flashlight with a clip ($10usd). that's all that was needed. the software is free.
i wanted to try some thing quick, easy, and cheap before putting too much time and energy into this. just to make sure that it works. and it did. i'll eventually build a custom light setup, as the casing of the flashlight blocks too much light when my head is turned too far. but even with that issue, it still works well enough for LFS movements.