The white-ish LED lamp substitutes I have tried, have excited an annoying amount of lateral chromatic aberration, presumably, from their strong peak in the blue. Have you found a LED with a less peaky, broad spectrum?
Do you have an M3Z Type S? I think that model is practically perfect.
I'm maybe seeing a little on pure white paper but I don't notice it on contrasty green PCB material.
The original lamp was a 50W GE MR16 Halogen. I tried a generic 3.7W LED 345 lumen (claimed 35W equivalent though it's subjectively brighter than a 35W Halogen) but it was barely bright enough to use. There is indeed a lot of loss in the fibre.
I've now got a 7W Philips '50W equivalent' at 660 lumens (I find Philips have a less optimistic view of equivalent than generic manufacturers, and less often disappoint me) and it's way better than the 3.7W. Despite being a 4000K 'cool white' the spectrum doesn't have any strong lines in blue and the subjectively brightest area in a cheap optical spectroscope is red/yellow..
I have an Osram halogen lamp on the way so I'll be able to compare it more directly (since I can't try the old lamp any more)
The 'scope is a delight to use. It came from a British Aerospace auction. I wish I had a camera tube for it but the cost is beyond my need. I don't know if it's a type S, nor what the difference is, but I assume not since the marking is just WILD M3Z. It's fitted with a 0.5 barlow.
The only drawback is a moderately fussy need for eye alignment. I have both standard and long eye-relief eyepieces but prefer the image without spectacles, partly because I can keep better alignment.
I will continue to experiment with alternate lamps but really I'm interested in whether the LED rings are overall better or worse than fibre optics. I would assume worse because of the smaller number of point sources but I do use it already at maximum lamp iris opening so additional brightness would sometimes be helpful (especially if I were to find a beamsplitter). I'm not too worried about efficiency, any LED runs far cooler than the original halogen.