<...snip...> I'm not sure exactly how the tuning caps work, but they can't give you more power than the dynamo is capable of producing, which is proportional to speed. At one point I had a 2 front, 2 rear system that was very slow to charge (rather, it only charged once I got up above a certain speed); I prefer having a large standlight with fewer LEDs which takes a small hit in maximum output while having much better low-speed performance. <....snip....>
for the sake of review of EE201, let me comment that the problem of extracting the maximum amount of power from a power source is a classic. The basic answer is that the most power can be extracted from an ideal source when the load matches the source. For a purely resistive source, such as a photovoltaic cell or even a battery, the load resistance should be equal to the source impedance. i.e. if the battery has an internal resistance of 1 ohm, the max power can be extracted when the load is 1 ohm.
For power sources with a complex source impedance, the best load is a bit different. A complex impedance is one that has an inductive or capacitive component (called the "reactive component") as well as a resistive component. This impedance is expressed as Z = R + jX, where R is the resistive component, X is the reactive component, and j is the square root of negative 1 (yeah, this is part of what makes EE classes so much fun).
Anyway.... the important part is this.. when the source has an impedance of R + jX, the max power is obtained when the load has an impedance of R - jX (which is called the complex conjugate). What this means is that if the source is inductive, the load needs to be capacitive. Specifically, the magnitude of the inductance needs to be equal to the magnitude of the capacitance. Don't forget that the resistive portions need to be equal too, which does make life complicated, as there aren't many bike lights that are only 2 ohms or so.
Other complications: nothing is ideal, especially capacitors, coils of wire, and just about everything else. The capacitance of a capacitor varies with frequency, temperature, and applied voltage. It has its own resistance and inductance. Likewise, a coil of wire such as what's in the dynamo has its own resistance and capacitance. An incandescent bulb is very resistive, albeit one that changes a lot with temperature. A LED headlight, on the other hand, is extremely non-linear, so the effective resistance changes greatly depending on the applied voltage. Put all of these things together, and it gets quite difficult to use basic circuit analysis to predict what the appropriate series capacitance should be.
As such, I think the most effective method to identify the best cap is to run some experiments as described in my previous post. Don't forget to pick a suitable capacitor type; it needs to be designed to handle a lot of ripple current without overheating. Stick with something designed for use in switching power supplies. Read the datasheet in detail to check the ripple current rating. Also make sure the cap is rated for the temperature range that you will subject it to. So many details to watch out for! :)