Looks good on paper and I see where you are going with this.

Got some bad news for ya.

Just scaling up the parts falls apart fast.
A one amp emitter, or string of same uses 100 times the current of those tiny leds.
Just scaling the capacitor still up leaves huge inrush current, Vmax., and voltage spike problems.

A capacitors impedance is frequency dependant.
Higher frequency - lower impedance.
Voltage spikes sail right through them!

A tenth of a volt change is a big deal to a non-linear resistance like a led juction, and most line voltage is very far from stable or "clean".

Coupled with the peak voltage being 1.414 times the RMS voltage it becomes apparent that un-regulated AC is not a viable source for high power LEDs.

No shoot da messenger.

Aloha,
Weezard (electronics dick)