with constant voltage on the rails, just use more LEDs in series, you will consume less power.
I use those "strip lighting" LEDs that come on a 3 meter roll, and they run at 12v DC... I put 2 strips in series (supposedly requiring 24v), but the 12v strips will work down to 9v... so a full wave bridge (half a buck or less) and 2 strips in series, and nice lighting for pennies, no extra electronics unless I want to put a filter cap on the output of the bridge rectifier.
Also, by "using" the voltage of the track, not wasting it in a dropping resistor, or converting it to a lower voltage, I use the least amount of the current on the rails.
Simpler, cheaper, less power... DCC makes an excellent "power supply" for lights on trains.
Greg