In principle yes, but the light source from a LEP is many times smaller than from a led, so 1) the optical quality of the collar must be so good that the image of the light source produced by it is as small as the light source itself (or else the collar just produces an extra halo around the hotspot without much added throw) and 2) the alignment of the collar in all 3 dimensions must be an order of magnitude more precise to get the image exactly over the source.