kinarfi
Unloaded source - 12.08V
Under load source voltage - 11.95V -
2.45 = 9.5v
Voltage on resistor - 2.45V
÷150=16.33333333333333333333333333333 ma
Voltage on LED1 - 3.2V
Voltage on LED2, 3 - 3.14V
average around 3.18 x 3 = 9.54 v
You have a soft spot for LM317, right? The IRFZ44N has plenty of load current to play around, it is rated at 49A and I really have to make use of them otherwise I will be stuck with them.
PS: I also have some 2N7000 and a couple of LM317 so I can try your schematic. Either way, I have to shunt all resistors and the give it a try.