I use iCircuit a lot, (http://icircuitapp.com) It has its issues, it's not always very accurate and has limited component choices, but it's easy to use and quick to try out some ideas.
iCircuit does this (http://icircuitapp.com) and although I like the app a lot as it has by far the best UI I've come across for this kind of app. It's not all that great in it's simulations and lacks a lot of components. Furthermore it doesn't seem to be in active development anymore.
I originally experimented with this in iCircuit, but when the Reset pin is held low, the Discharge pin is connected to ground. At least in the simulation, this caused a bit of weird behavior and significant vampire draw.
It's tough to work around because discharge, threshold, and trigger are all connected to one-another. When reset is held low, you want discharge to be connected to ground (to avoid current draw) but the trigger must be held high (to avoid an invalid internal state). I didn't come up with any ideas on how to fix this other than cutting power to the chip entirely but I'm all ears if you have a way to fix it!
Also it's entirely possible that the issue I saw in iCircuit was just an artifact of the simulation. Looking at the diagram, as long as Discharge is connected to a voltage source through a resistor (which it is), the current draw should be somewhat limited.
Simulation is key. To paraphrase Frank Herbert, the SPICE (and its myriad derivatives) are life, to an electrical engineer. iCircuit is a great, low cost solution for the home-gamer. It has a canned model of the LM317 so you can drag and drop your circuit into existence and experiment without physically building.