The 55mA LED caught my eye. Your schematic shows it being powered by a battery (via TPS61221), but you mentioned a Launchpad. Is that how you're powering it? I ask since as I recall the (old) G2 Launchpads were only good for about 50mA for everything. The (newer) G2ET Launchpad has a TPS73533 which claims to be capable of 400mA (though I've never pushed one that far).
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