On the set lights/LED issue - designing a new light that uses LEDs would probably INCREASE the cost, not decrease it, since LED lights are currently more expensive to produce than the alternatives.
That said, if instead you had a company that provided the rental of these lights at a lower cost that normally paid to purchase them outright, perhaps you could offer lower cost lighting with modern, less-breakable technology.
Of course, LED lights are a different type of light from incandescent, etc. anyway, so it's possible that they'd be totally unusable anyway.
I interpreted his LED idea to mean that a lighting system could use multiple types of LEDs, providing video data in specific frequency bands. Software filtering could be used to isolate these, then recombine them in different proportions to get the right 'feel' in color.
If different types of LEDs were positioned far enough apart, you could possibly achieve different lighting angles from one scene-shot. Compare this with shooting a scene multiple times while having the crew reposition lighting. Such a system would indeed be more costly, but could reduce human repetition.