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I used one of these https://www.toolstation.com/rechargeable-nicad-battery-pack/p58155
and a pair of 3.5v cob led drips 60mm long with 10 leds on each (We had some laying around at work) as marker lights on our old bike trailer. Worked pretty well and I borrowed the charger as well.
I have, I did it by using an exposure head light as it supplies the rear light in DC, using a buck converter to step up the voltage to 12v.
Dynamos generate AC, so you'd have to use a bridge rectifier to convert to DC otherwise. I bought a couple from ali express to give it a go but never got round to it.. I'm not 100% or will work because of the low output of the dynamo and the losses in converting to DC