I'm betting the LED's wont produce enough lumens or a varied enough spectrum for the plants to grow. Remember the sun is the best source of light, and going into LED technology is moving very far from the perfect light source.

Noble Idea, but in everything I've learned about growing plants is the light intensity is very important as well as a nicely spread spectrum. It is known the Low Pressure Sodium is a very efficient intense light, but its narrow yellow spectrum makes it as efficient as growing with an incandescent.

I still hope it works, but I have my doubts.