1. It's a voltage regulator. You need a current regulator to drive an LED. It can, of course, be modified, but can't be used as-is -- unless you want to use a dropping resistor in series with the LED which would result in poor current regulation and worse efficiency.
You can "hotwire" a voltage regulator to act as a constant-current regulator if you use its sensing mechanism to detect current instead of voltage.
To explain...
Switchers use some sort of feedback loop to operate, and what they generally do is look for a specific voltage at one of their pins. They often use a single resistor or a resistive voltage divider to give the feedback pin the correct voltage when the output voltage is what you want it to be.
If you use a current-sensing resistor in series with your load, pick its value to reach that specific desired voltage when your desired current flows through it, and have the switcher look at that, the switcher will suddenly be regulating current instead of voltage.
This means of application does require an efficiency-robbing sense resistor in series with the load, so it's crucial to select a switcher than needs the lowest feasible feedback voltage. Fortunately quite a few work with 100mV or less.
This is the trick at work in using an LM317 as a linear current regulator - the resistor you pick drops the right voltage to trigger its regulation when the desired current flows through it.
oO