My guess is that the front light would modulate as well, since it works on an induction priciple. They could in theory have a circuit that would make it more steady by storing the energy briefly, but I think they would advertise it if they had done that.

I would be concerned about the wheels staying true. I've talked to people that have tried those spoke mounted blinking lights that can be programmed, and they have reported that they are hell on wheel true.