I think I already made obvious I'm trying to go down the same road OP wants to go here, my findings so far:
You can not accurately compare LED and mixed-wavelength light-sources by lumen or lux, plants appear green to the human eye for reason, most sunlight (mixed wavelengths) that reaches a plant can be considered pretty much wasted in terms of photosynthesis. Wikipedia on grow lights has nice basic info on this, also looking at commercial LED grow lights reveals the wavelengths used. So when a "white" or "mixed" lamp produces x lux, a part of x isnt put into any use by the plants, so a LED lamp producing x lux can mean more light for the plant in question (and higher efficiency - a LEDs eff. is roughly estimated to be 0.8, 80% of the energy are put out as heat but this is a big improvement over many lamps).
The spectrum will either need excessive knowledge to get everything right - amd then you might need to find exotic wavelength LEDs than can run into 3 digit $ if youre unlucky, or it will simply limit the applications of LED to supplementing in low light conditions (making sure you still get as much as possible).
The lifespan of a LED can (!) be enormous compared to edisons invention, but edisons invention works its lifespan at very elevated temperatures (and also needs those to operate) while a LED loves to be kept cold (in range of the datasheets spec - or simply at room temperature) from any given operating temperature and its associated lifespan a 10 K temperature increase will roughly reduce the lifespan to 50% up to a point close at 200 C where a LED will do its job a few minutes. Consider its mass and its power rating x 0.8 amd you'll see it can easily self destruct if not supplied cooling. Cooling will mean bulky passive means or noisy fluid motion cooling.
Yep, LEDs can much more easily be adjusted to trigger certain behaviour in some plants, basically if you have no LED your light will - obviously - appear "black" if you had LEDs covering all wavelengths the resulting mix of light will appear white. From here you could switch off all LEDs your plant doesnt use at all, and following to that you could delete LEDs that trigger flowering when you want foilage and vice versa... And so on - of course this procedure is hypothetical and for educational purpose
The lesser heat generation of LEDs will make plants sweat less resulting in them drawing less water and as a consequence they'll need less watering. Put that into consideration.
If you like thinkering buy bulk LEDs and a massive power source, do your math and design work and give it a try, in all other cases sticking to a commercial available product would be desirable especially at the point where you had concerns about insurance and such - I dont guess someone wants to keep his lamp observed all day, but I do believe in case of a fire set with a homebrew lamp one could find one self in big trouble.
I think the fact that LEDs can run at way lower Voltage than conventional lamps makes them very interesting for DIY, but I consider the whole thing as playing around - some like ^^
I hope theese points, its what I gathered as of yet, feeds your consideration