FWIW, the B&M IQ Cyo's and the like use a "current doubler" circuit which is simply a buck SMPS running at ~50% duty cycle. Thus their single 3W LED is driven at ~1A.
They have a caution not to exceed 7.2V if using a battery, ie the voltage is actually being regulated down, not the current, so if you exceed Vf of the LED, smoke is released.
Yeah you could use a SMPS, but it is more things to go wrong on a dark rainy night, after all bikes are not renowned for their waterproofness :-).
I honestly think if you want flashing you'd be better off with a pulsed low side mosfet to interrupt flow through your headlight LEDs, and a zener to catch the overvoltage when the load is removed.
If the flasher circuit fails in that dark rainy night you can easily bypass the lot with a switch for constant on mode.
You will find the dynamo starts producing usable light a little above walking pace, and noticeable flicker disappears above 10km/h.