The other way to look at this would be to use actual numbers as an example:
LED#1 - Vf = 6.5v
LED#2 - Vf = 6.8v
If the voltage being applied is 6.8v, LED#2 will draw "normal" or close to its rated current, while LED#1 will be overdriven, which in turn will cause it to draw a higher current than LED#2.
Now, must of these converters (at least the good ones) should control the current, which makes them more inmune to the actual Vf of the LED. Remember that a relatively small increment in the voltage past the Vf will result in an abnormally higher current consumption, so a constant current LED driver would be a better way to go.
I have no idea what SF uses on the KL4 circuit - others here might know.
Will