Link-budget studies of indoor optical wireless systems frequently assume receiver parameter sets--large photodetector area, large transimpedance, and wide bandwidth simultaneously--that violate basic circuit constraints, and noise budgets that omit dominant amplifier and laser noise. This paper develops a realizability-constrained design-space analysis of a diffused-beam laser-diode (LD) LiFi link anchored to a hardware prototype. The analysis couples the generalized Lambertian channel of a holographic-diffuser source to a receiver model that enforces the transimpedance-amplifier gain-bandwidth/capacitance constraint and carries a complete noise budget: shot, feedback-resistor thermal, input current noise, capacitance-driven voltage-noise gain, and laser relative intensity noise (RIN). Against this budget we evaluate unipolar M-PAM under two FEC tiers (7%-overhead hard-decision at $3.8 \times 10^{-3}$, 20%-overhead soft-decision at $2 \times 10^{-2}$), first-bounce diffuse multipath, and a quantitative extended-source eye-safety assessment. The full model predicts 140 Mb/s net at the prototype's demonstrated 14-m range with 6.7 dB margin (OOK, HD tier), 240 Mb/s at the zero-margin 4-PAM/SD reach boundary of 14.0 m, and 480-558 Mb/s at 5 m--a factor 3.9-6.6 below what the same link yields under a naive textbook budget, quantifying how strongly idealized assumptions inflate LiFi projections. First-bounce analysis shows the downfacing-source/up-facing-receiver geometry confines multipath to a worst-case LOS-to-diffuse ratio of 4.2 dB and delay spreads below 0.13 ns, and the 500-mW source remains a factor $\ge 7.8$ under the Class-1 eye-safety limit. All models are released as an ns-3 module and Python engine backed by automated testing.