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I spent about a year (part time) developing the LED array's for the standard Pantera lenses. There are 2 optical considerations in designing the system; 1)the silver reflectors' focal point, 2)pillow lens array molded in the back of the Pantera lens. The reflector is designed to match the lens array and this combination generates a straight beam of light perpendicular from the surface of the lens.
This effect is difficult to simulate using LED's since each LED has a lens, the focal point interferes with the pillow lens array in the Pantera lens. The commercial LED's with the bulb socket suffer from this and can be seen as hot spots or bright spots. I selected a particular industrial LED for this application that has optical properties that would minimize hot spots. On the front LED signal lights, the beam is not as converged as with the original bulb, but the increased brightness and the wide beam make the off center visibility much better, and that is an advantage for the front signals.

I did not study the the Group 4 lens and it may present other issues but from my experience in this project I expect I have good chance to resolve them. I made several prototypes and consumed $$$ before this final design was acceptable. I am glad Larry has surface this info it supports the challenges in this approaching this conversion.

The MPG/video on the site doesn't do justice to seeing the LED conversion in person ... it's comparable what UFO lights or a "Light Saber" look. I took all pictures with some level of daylight so that everyone would realize the intensity of the LED's. I hope this info helps.