Kiss, my first goal is optimize the current 6v AC system. To get it to run well. After it's running right, then the modifications/improvements come.
I'm holding off on LEDs because it's 6v AC, which are not LED friendly. In theory in LEDs are optimum, but real world motorcycle tests show it's hard for LED to beat an incandescent, and that's on a 12v DC system. See here:
http://www.webbikeworld.com/lights/led-brake-lights-for-motorcycles/index.htm
Switching to an LED headlight and taillight package would be great, but that must be a future project.
That was an interesting article. So, far my experience with LED replacements are:
1) Dome lights in automobiles (Nice white light - not yellow, seems brighter)
2) Map lights in automobiles (Nice white light - not yellow, seems brighter) Runs cooler.
3) Feet lights in automobiles.
4) And the Switch 3-way LED bulb from Earth LED. It's just a fantastic bulb. Rugged. The CFL's that I had in the application burned out in maybe 3-6 months time.
5) I almost tried an appliance bulb, but I got the wrong envelope. The bulb was so fragile, it did not survive shipping.
I think I would agree, you have a parabolic reflector and light coming from 180 and 90 degrees. Not exactly efficient and you end up focusing at nearly a point source. So, "rolling your own" is an option where many bulbs are used on a flat plane. 6 VAC LEDS seems to made from unobtainium, but that doesn't mean your doomed. You can modify or "roll your own",
I also agree, that it necessary to have a properly functioning bike before undertaking modifications. Eliminating the "dead bike syndrome" should be priority two.
With Alec's regulator, you should not have to rob Peter to pay Paul although you may have to design your own PCB.
==
There are some proprietary PCB houses that are more expensive, but provide relatively easy to use layout programs with instant pricing. e.g.
http://www.pad2pad.com/?gclid=CLTVz8G6p8ECFYMF7Aodu3oALg The "standard" uses Gerber files and a "RX271 or whatever drill file". Gerbers were at one time created with "apertures" and photo-plotted before there was the ability to plot directly to film. The proprietary houses can enforce the "design rules" of the house because your using their proprietary software. some proprietary houses may provide Gerbers for a fee.
Cadsoft EAGLE (free version) is a popular package, This
http://imall.iteadstudio.com/open-pcb/pcb-prototyping.html is probably the cheapest proto service.