I second that idea. Though I'd probably go with a Cree LED if using more than one - they don't sell "bin numbers" their LEDs either meet specification or they don't sell them.
I put 56, 13,000 mcd, white LEDs in an auxiliary light on my motorcycle and it is very bright - easily enough for a bicycle under most conditions. In daylight it is more noticeable than the headlight low beam. Burns 3.4 watts and outshines the 50 watt low beam. Only cost $9 Beam angle on that is only +/- 10 degrees - so it won't replace the low beam at night
I have four Cree red LEDs in the tail lamp and it is way overkill . . I should have used just two. At $8 each Beam angle on those is 120 degrees