I think that using a three LED string depending on a series resistor to control current in such a poorly controlled system (from a voltage stability standpoint) as the yard lights I've dealt with is a mistake.
At least to start, I'd suggest a much simpler route. Go to 'Radio Shack' and buy a 'one amp bridge rectifier' for each LED. These come in lots of different voltages, anything above 50 is fine for us. RS 276-1152 is $1.39, Jameco has several under half a buck, thirty cents or less each for ten:
Bridges at Jameco
Anyway, you'll need a resistor as well. Assuming 12.6 Volts RMS (a nominal value, but you really should measure it *at the light, under load*) and 3.6 Vf for the LED (again, measuring might be in order, although variance here is sure to be slight relative to the transformer voltage (and wiring losses)). So we have 12.6 Volts less 3.6 (for the LED) less 1.4 (for the diode bridge) or 7.6 Volts across our resistor. We want to (overdrive) at .45 Amps so we need 7.6/.45 Ohms, 16.888... Ohms, twenty is probably close enough (and safer in that it has lower current). Power needs to be 7.6 Volts times .45 Amps or about 3.5 Watts, making 5 Watt parts marginal but probably OK.
You might consider two LED in series, but the lower drop across the 'ballast resistor' will make you even more subject to wide changes in LED current with relatively small changes in Voltage. Consider that with 'only' 7.6 Volts across our resistor, a change of a single Volt in delivered voltage (for whatever reason) is a 13% change in LED current (meaning over 500 mA). Adding another LED (with 3.6 Volt drop) increases overall efficiency (although we probably have 'energy to burn') but reduces the resistor drop to 4 Volts so now a one Volt change is 25% increase (562 mA).
I wouldn't worry about capacitors and flicker. Florescent lights also flicker at 120 Hz, does this bother you? Large value electrolytic capacitors are probably the least reliable component WRT to heat I know of, and yard lights get hot. And they're expensive.
The circuit is rock simple. Bridge AC inputs to the AC from the transformer, Bridge plus to one side of the resistor, other side of the resistor to the positive side of the LED, negative of the LED to the bridge negative.
Doug Owen