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I gave it a go with an exposure red eye and it worked ok. Helped by the red eye rear mounting being almost the same size as the moon bracket to it slipped on with a little squeeze. Then took some black Sugru to mold it and keep it there and that worked well.
Don’t have any pictures I’m afraid, removed it when I wanted a saddle bag and it’s not mudguard mounted, again with Sugru and has been for 6 years now.
Alternatively, I think Velo Orange or B&M do a saddle mounted Dynamo rack light mount…
I’m thinking of adapting this old moon saddle rail light mount into a mount for a rear dynamo light. Anyone tried it before?