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@bq
I'd be using a Halogen. The one drawback to halogen/reason for using LEDs is battery life. This is not a considation with a dynamo, so you might as well use the decent solution. Even crap dynamos put out enough for a decent amount of light from a halogen.
LEDs don't work as well with AC (which bicycle dynamos put out) at low speeds they flash, and then the light gets more solid, but still flickery at high speeds so you need a bridge rectifier, which reduces voltage.