Open Source laser tag already exists. Miles Tag is an open source laser tag project that has already developed open source laser tag modules. So why would I reinvent the wheel? I'm not. The purpose of my laser tag project is to teach other people how to build the units themselves and understand the science behind it.
So, here's a link to their tagging protocol. This protocol is the same as Version 2 of my laser tag project. If version 3 (serial) doesn't work, then I'll go back to this method of communication. They also have information about lenses, which is something I haven't looked into yet.
Also, their store has parts and part numbers. I may as well use standard components. Like their IR LED. I probably won't buy these parts from them, since I will most likely be able to get them from mouser, digikey or Jameco for less, but I do appreciate the effort that went into these devices. This is a great resource.