It seems that just sticking a couple of AA nimh's in the wheel would be the easiest solution, but not the most fun.
In the search for how to couple energy from a stationary part of the bike (such as the lower fork blade where the dynamo power is picked up) to a rotating part, I'd suggest looking at all of the fundamental ways to transmit power. The ones that I can think of are to use magnetic fields, electric fields, optical power, electrical current (through brushes as mentioned already), ... did I miss any?
For magnetic fields, you could essentially build a transformer where the primary winding would be a coil of wire coaxial with the dynamo axle, and attached to the fork. The secondary winding would be attached to the dynamo hub flange, close to the primary. The axle would carry a lot of the magnetic flux, but the air gap is huge and the flux would be fairly small. Might be enough to light a few small LEDs.
for electric fields, you'd do something similar, but with capacitors where one plate was stationary and one was rotating. I think you'd need two; one for the "positive" and one for the "negative" wire. Again, the size of the plates will be small and the gap will be big, so you'll get very little capacitance. I'd suggest driving them with a very high frequency AC signal so as to reduce the impedance of the capacitors.
Optical: I envision a clear plastic ring attached to the hub flange. A power LED is attached to the fork and uses an optical waveguide to shine the light into the clear plastic ring. There would be arms branching out from the ring and extending out away from the hub. Surface features would be added to the branches to let light out at desired locations. Challenges: getting light coupled into the ring instead of reflected off of its face, or passing right through.
Obviously, all of these methods have challenges, and I'm too lazy to attack them.
Personally, I have a headlight that is mounted mid-fork, and the spill light does shine on the spokes and rim/tire. It's not a rotating light, but it does enhance my visibility from the side.
have fun!
Steve K.