@Doremus Scudder
Spectral response is the core of my statement about "correct wavelengths". Red, green, and blue aren't hard to come by, paper sensitivity curves are published -- the spectral output curves of color LEDs aren't as easy to find (usually have to drill all the way back to the module manufacturer, which can be hard information to find for a commercial lighting unit).
Any old blue, red, and green should work to some level, given the paper response curves are bell-shaped and LED outputs tend to be fairly narrow spikes -- worst case, I'd expect to need some adjustment to find neutral, and I'd have to do that with filters, too.
Well, my experience is that not 'any old' set of LEDs works well. Spectral peak does matter, particularly for the red and the blue ones, with the red ones being the more challenging ones. The problem is that most red leds are too close to the green side of the spectrum (620nm), but you really need 'deep red' at 650nm or preferably 670nm, but I personally wasn't able to source the latter (at least cheaply and easily). For blue, it seems that royal blue or near-UV works OK, but you don't want to go below 425nm (too close to UV). Problems I experienced with LEDs that were too far from the spectral response peaks of the paper were uncorrectable purity issues with primary colors as well as color crossover between shadows and highlights. I settled for a set of LEDs as explained in my thread of a few months ago where I documented by color LED enlarger build:
https://www.photrio.com/forum/threads/craziness-using-leds-to-print-ra4-and-b-w.171911/
This device, integrated into a very old Durst 138S enlarger, has been my 'daily driver' for B&W and color in all formats from 35mm up to 4x5" since December 2019. Apart from a minor software update somewhere in January I did not change anything about it and it has served me very well.
Currently there are a few issues that I'd like to resolve in due course, but this hasn't been a priority since basically, the thing just works and gives me prints that are entirely on par with those I got from a 'real' (dichroic) color enlarger, but the LED contraption is more convenient in daily use since I could of course tailor the user interface to my personal needs. The remaining issues are:
* Somewhat annoying user interface response issues with the rotary encoders and buttons sometimes 'missing a beat'; i.e. they sometimes don't register a movement or button press event. This is due to the combination of fairly computation-heavy software (it turns out that in its full functionality, the whole thing involves quite a complex software implementation that pretty much runs the controller hardware to its limits) and suboptimal interrupt service routines (too computation-heavy, resulting in missed interrupts). This is mostly just an annoyance and the controller works fine apart from it, so I haven't done much about it.
* For B&W work, it turns out that it would be nice to have significantly more green light than I currently do. The problem is likely due to the 'green gap' in LED technology, which results in the efficiency of green LEDs being way less than that of blue and red ones. With neutral papers, this is not much of an issue, but when enlarging 35mm negatives to larger sizes on warm-tone (slow!) paper, exposure times tend to get too long for my taste. The solution is obvious: build a new light source with much more green LEDs. I've got the parts for this, but haven't gotten to it yet. I'd also need to upgrade the green driver channel, which is technically not complex, but just one of those chores that haven't taken precedence over taking pictures and making prints.
* For some odd reason, in color work, if I use the red channel (along with blue & green) for focusing, this influences the light output of the red lights for a subsequent exposure within the next few minutes, resulting in unpredictable color shifts. Apparently something heats up (either the current limiting electronics, the power supply or the LEDs themselves), creating temperature-stability issues. If I'm going to construct a new head, I'm going to drastically improve the cooling system to improve temperature stability in the hope that it helps. For now, I just only use blue + green for focusing in color mode, which turns out to be a totally effective workaround.
Overall, your thinking is sound, at a conceptual level. R, G and B LED arrays, dimmed using PWM, driven with current-limiting hardware, and some calibration to make sufficiently precise filtering possible. I worked out those things for my use case and it just works. In fact, the filtering precision of my implementation is far better than that of a typical dichroic head - i.e. 1cc of change on a dichroic heads is something like 2-3cc change on my LED head. This additional precision isn't really required, but I 'got it for free'; i.e. there was no penalty in implementing it in this way. To date, I have not been able to find any problems with consistency; the light source behaves predictably and gives good prints. I have not run colorimetric tests on it (I barely heave the means to do so, or in fact not at all), so I can't tell if the results are 'perfect'. However, they are certainly good enough for my eyes. I've been told by a fellow photographer I'm rather color-sensitive, implying that fairly good results (putting it cautiously) are achievable with this approach given the fact that I can get the colors the way I'd want or expect them in my prints.
If you want to undertake something like this, I'd recommend going through my threat that I linked to above and check out the various challenges and problems I ran into and (mostly) solved or worked around. With this concept, the devil is really in the details. The basic approach isn't very complex if you have an average understanding of electronics and digital control systems. I'm not an electrical engineer by any means, so fairly well-developed layman's knowledge can be adequate. Just be prepared to run into unanticipated issues and systematically tackling them. It's not a matter of 'if', but 'when and which' problems you will run into.