Maybe we should look at the way PowerArc is using LEDs and see if the Board member who is making custom takedown lights could help experiment, adjusting the size to the PAR diameter, but not using PAR Optics (just positioning three to five leds within the dimensions of the PAR bulb). If he can light up a neighbor's house across the street with a couple of them with spotlight lenses, they ought to be capable of being mounted in a redesigned array that could cast a pretty good beam.
PowerArc is pretty bright with four LEDs, but still using mechanical movement for the flash. Note : they also are not depending upon the reflector.
I would suggest the focused beam of five conical leds in a five point star pattern be directed outward, and a strip of old 5 mm LEDs be reflected into the parabolic reflector or the side of the lampholder to create or simulate dwell.
We might see a resurgence of some of our most beloved light bars that could be used without the current draw of all the old sealed beams. And, create a great way to use the old Federal Model 184 and Model 14 beacons for display or secondary use without a huge power supply.
Or, like Michigan State Police is redesigning their Unity RB-26 beacons with LEDs, maybe a fixed array lighthead could be created sized up like the old PAR 46 and PAR56 lamps to fit our old beacon shells. Traditional looking, but modernly functional!