The operation of LEDs, particularly those used in entertainment lighting, are far more complicated than you might realize. With your standard
incandescent/
halogen lamp, apply
voltage and you get light. Too much
voltage and you get a burn out. A
dimmer can be used for managing that
voltage by manipulating and truncating the waveform.
LEDs, though, require specific pulses of
voltage at specific frequencies. The
lumen output is the result of managing the electrical behavior, and mismanagement could result in anything from odd color/color shifting, flickering during dimming, or even overheating issues.
So would light come out the other end of the
instrument if you retrofitted a different
LED onto the board. Probably. Even if only briefly. A successful upgrade would probably also involve updating a number of chips within the
instrument to alter their code. These chips determine how the
DMX signal gets processed and how the received control signal is transmitted to the
LED driver. There's more chips to rewrite in the
LED driver for controlling the
voltage and frequency.
I'm ok with letting the engineers and designers work out those details, but if you want to join their ranks, then this is a great project to get you into the world of
fixture design.
Good Luck!