Take Note that in MikeML's last design, the Vds during CC mode is 2.4V @ 0.3A which is due to the difference between V+ and the LED String forward voltage ( plus 0.6V Vbe drop). This can be reduced is something better than a transistor was used such as a n Op Amp with suitable matching of LED string voltage and Supply difference to minimize wasted heat in MOSFET (2.4V*0.3A = 0.72 W )
Using a much smaller Current sense shunt resistor say a 50mV drop allows the V+ to be reduced almost 2.4V or raised by 0.6V and add another LED in the string. or as many as desired ( <3V+ per LED)
So you can see the most efficient solution of current regulation comes from matching the LED string to the Regulated supply voltage. If the voltage is not well regulated then this headroom or drop to the Vds must exceed the Supply variation. If the voltage is too large then some PWM method must be used to minimize excess power drop in the MOSFET switch.
Using a much smaller Current sense shunt resistor say a 50mV drop allows the V+ to be reduced almost 2.4V or raised by 0.6V and add another LED in the string. or as many as desired ( <3V+ per LED)
So you can see the most efficient solution of current regulation comes from matching the LED string to the Regulated supply voltage. If the voltage is not well regulated then this headroom or drop to the Vds must exceed the Supply variation. If the voltage is too large then some PWM method must be used to minimize excess power drop in the MOSFET switch.