Working through eddy currents is pretty neat. Using LEDs at half their rated output to increase efficiency is an interesting approach, and at the prices LEDs are at, it's not a bad decision if efficiency is paramount.
160 lumens is significantly substandard front lighting these days though. I wouldn't ride with less than about 200, and I wouldn't be happy at that. I really want 300 to 400 lumens up front at least, and that's in the easy parts of my ride. On the challenging bits, I want 800 or more.