MEX heat sink http://www.allelectronics.com/make-a-store/item/HS-176/17.25-ALUMINUM-HEATSINK/1.html should be about .3 degree C / Watt in free air. So say max temp is going to be 65 degree C and ambient is 25 Degree that would be a 40 degree rise. So LED power could be 40/.3 = about 130W LED dissipation with that heat sink, more with fans. Not sure what the max temp rating of the LEDs are but this gives you an idea of what to expect.
Also the LEDs will only conduct when the voltage is over their forward voltage drop rating. 33V x 4 = 132V. At that point they will draw a very high current spike. It will last long enough to smoke them.
"Hoping the watts area under curve would be small enough for the devices to take it."
It is the peak current that will kill the LEDs, not the average power. The peak current will last long enough during the peak of a half cycle that the LEDs think it is almost continuous power.