In my limited electronics experience, I finally managed to design a "gameboy is low battery" indicator using 3 resistors, 2 LEDs, 1 zener diode and an LM358. Next stop, get it on a protoboard and shove into gameboy.
Not entirely sure it's the best design, but seems to work!
Realised I didn't need to pull from two different voltage sources, and I could use the VBAT directly (rather than VOUT - which comes from a 5v regulator)