FYI: I have been posting updates for those of us who have already read the OP below. For anyone new to the thread, it might be best to skip down below all of these updates, read the body of the post...
Jim, since you don't say which LEDs you include among the "cheaper ones" its hard to say if they have regulators or not. Usually the regulated ones are listed as 12-30 volts, or some such range. Unregulated ones are listed as a specific voltage, ex 12 volts.
Some work was done, check out this Link by Dave-Sparky.
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