I've figured out what I am doing, double check me on the numbers, please.

Total wattage of LED lights - 5.6 @ 12VDC
Output of dynamo - 12 VAC @ 6 watts
Converter - 12VAC to 12VDC @ 3 amp max output

Anticipated Amp draw .5 (A=W/V) (.5=5.6/12)

So based on my calculations everything should run well and leave 2.5 amps available from the converter. My concern is the 6-watt output of the generator compared to the 5.6-watt draw of the lights. The converter should contain a capacitor and diode rectifier bridge to make the conversion, I believe a .4 watt buffer will be fine.

Also, the dynamo use 12VAC and the bike frame as its neutral (one wire to light one wire to the tail light). Was planning on using same wire path and connections for 12VDC LED application (using bike frame as DC ground & grounding LED to frame)

Was planning on using bike ground for AC neutral and DC ground - any thoughts?

Thanks