@radiant, I believe the PTB densitometer used a very advanced version of the original "grease-spot photometer" - by comparing a source of unknown intensity with a calibrated one and varying the distance until they are equal. If the emitter approximates closely a point light source, the relationship between distance and intensity is ideally an inverse square law.
For a sensitometer, I think it would be impractical to build an instrument on that basis. LEDs are a poor point source until you are quite far away. But the relationship holds in projection systems, so under an enlarger, you can trust that an image at 2x the distance will have 4x the area and respectively 1/4 of the illuminance.
Your time-based approach will work within reciprocity failure limits, as others have pointed out. Controlling the intensity with PWM might cause intermittency effects on the exposure, though IIRC those effects disappear at higher pulse frequencies. Controlling each led with a constant current is fine, but then the current-intensity relationship deviates from linearity and the design is complicated by having to program 3-4 decades of current sources.