Watch out. You do not want to use a standard step down DC-DC converter with a bike dynamo. A bike dynamo is designed to produce roughly constant current provided that it is moving fast enough to produce sufficient voltage. This means that if the current drawn by the load is not sufficient, the voltage can go through the roof when the bike is moving quickly.
Most step down DC-DC converters draw _less_ current as the input voltage goes up. This means that the combination of the DC-DC converter and the dynamo would be unstable; if the DC-DC converter doesn't draw sufficient current, the dynamo output voltage will go up, and the current drawn by the DC-DC converter would actually go _down_. If you want to use a DC to DC converter, you will need to find one that is specifically designed to work with a dynamo supply.
However there is a much simpler approach. Because the output of the dynamo itself is roughly constant current, you can pretty much use the dynamo itself as the device which properly limits the current to the LEDs. All you need to do is have a sufficient number of LEDs to handle the rated current from the dynamo. You will also need to rectify the output of the dynamo, because it is AC and the LED requires DC.
A standard 3W dynamo is generally designed to operate with a 500mA output at a nominal voltage of 6V. If you have LEDs rated for a total of 500mA or greater, then you will not need any additional current limiting. A single 5W Luxeon with an appropriate rectifier would make a dandy front light...if you can get one. A pair of 1W Luxeons would also work quite well. For a 'be seen by light', a small set of Amber LEDs in the front, and a small set of Red LEDs for the rear, will be quite bright and visible even at low speed.
-Jon