Hello John,
Point light sources can only be used in an enlarger with the lens wide open, otherwise you see the shadow of the lens iris as you noted. Traditionally, a point light source has been used in tandem with a variac. Durst's was called a Varipoint, Beseler had a Resistrol, Omega had their DM power supply. These units allowed you to dim or brighten the light as needed, as an alternative to using the aperture of a lens. One of the drawbacks of these variac units is that as you dim the light, the colour temperature of a tungsten bulb lower significantly. This can be a problem with variable contrast paper, as it will generally lower the contrast. With an LED bulb, this wouldn't be an issue.
Because you are using the lens wide open, to achieve the sharpness you're looking for, a good lens and a well aligned enlarger will go a long way.
To try and answer some of your questions:
1.) A tradtional tungsten point light source is uncoated, and quite bright - I would say comparable to a PH 213 Opal bulb. I use a 20V 100W bulb as my point light source. A single LED, focused correctly, would be quite bright I'm sure, so your exposure times aren't too surprising. If it's too bright, a variac or dimmer is your answer.
3.) the condenser set up is absolutely critical for a point light source. You need the correct condensers for the magnification you are enlarging, and for the lens you are using. To give an idea of this, you can look at the
Durst 138 manual pages 30 and 31. You see the different combinations of condensers used for different scenarios. There is some math behind this, but for because I use a Durst 138, I stick to their chart. For your Durst 805, you'd have to figure things out.
I can say this much - if you use the correct condensers, and focus the lamp (which is different to focusing the negative) properly, the light is almost perfectly even in illumination. I use one of Darkroom Automation's enlarging meters, and you can move it to any corner of the easel, and it's pretty much bang on - there is very little vignette at all.
4.)The positioning of the lamp is quite critical. With a tungsten bulb, you are actually using the filament of the bulb to focus the light, which makes it easy enough. On my Durst 138, you can move the bulb on three axis: up & down, side to side and front to back. This makes the task easy. On some of the Beseler 45's I've seen, you could move the up and down a decent amount, which was good enough.
You focus the bulb separate from focusing the negative - it's an extra step. In terms of sharpness, this is where you get it. The difference between a print made from a properly focused lamp and an improperly focused lamp is night and day. As I said, with a tungsten bulb, you use the projected image of the filament on your baseboard as a visual aid to doing this. How you would do it with an LED lamp I don't know. I've thought about it, but never came up with a good answer, so I'll be interested to see what you find out. I'm sure there is a mathematical calculation for how far the point light must be from the condensers, but applying that in practice sounds easier said than done. Having the visual reference of the filament makes this extra step sort of painless.
I treat the point light source as another tool in the drawer. The sharpness is plain to see in the grain focuser and in the print. It's pairs wonderfully with lith printing. The extra contrast it gives is a blessing when printing with old graded papers, that may have lost some of their contrast over the years. Plenty of drawbacks as well. Dust and scratches are much more pronounced, so you have to spend time and effort keeping things clean and tidy. Dodging and burning, in practice, are more difficult - the shadows cast by your hands and tools are much harder edged. The way a bulb behaves in a variac is a pain in the neck as well - on lower settings, there is a significant bulb turn on or ramp up time. This changes the way you dodge and burn for sure, and with how you make test strips, if you want predictable results.
Good luck,