Although the Average current will be much lower.
Infrared TV remote control for example have been using this method
for years.
Battries last a long time, but peak pulsed current is high
The average current has nothing to do with efficiency though, it's peak current does. TV remote controls are completely unrelated as they're pulsed so infrequently that battery usage is a non-issue, and the higher pulses brightness does make a difference to an IR receiver if not the human eye.