Some of what I'm saying came from the perspective of thinking of the little discrete LEDs you might see on a PCB when I first read "LED" in your post. Looks like it may not be relevant to the type of thing you're talking about here. Are you just using a multimeter to measure voltage and current of the LED to get power?
Considering the LEDs and the constant voltage i'm probably rather safe. If anything went wrong it would mean a DROP in voltage, not an increase.
Hmm, not sure what your thought process here is.
Edit: Reading your subsequent post, it looks like you've got it figured now /edit
But it seems like the idea isn't that the resistor conditions the current for the LED - the resistor is there so that if for some reason something weird happens and all of a sudden my LEDs are getting 35v - they literally can't pull the insane current that they would need to melt themselves.... But if they DID get 35v and suddenly wanted to pull 100W - wouldn't the resistor just... overheat and burn up?
If the LED started to draw more current, then the extra current would also flow through the resistor (because it's in series), which would cause it to drop more voltage across it, thereby lowering the voltage across the LED. Which would in turn cause the current to drop. Let's say you were running the LED with 2 A, supply at 32 V, with a 1 ohm resistor in series. This would mean 2 V across the resistor (so 4 W), 30 V across the LED. Let's say the supply then went up to 33V. If we assume the LED voltage is roughly constant, then the resistor voltage is now 3 V, meaning 9 W. Certainly manageable with the an appropriate resistor. Although if you're expecting significant deviations is supply voltage, you wouldn't necessarily just use a resistor.
As to why people would use a resistor over a DC-DC converter? Far simpler and cheaper.
Edit:
Thank you TJ. You should be more than adept. there are a lot of hard questions on Toms and they get flooded with crappy answers. You should post more man!
Thanks! I actually have a B. Sc. in electrical engineering, but I haven't really had a chance to use a lot of what I learned in school since I graduated (2015), especially circuit level stuff like this. So whenever I see a questions like this I always leap to answer it. And it often results in me trying to remember stuff I haven't thought about in a while, or doing some reading to brush up on a subject, so hopefully it's helping me hold on to at least a few things I learned, haha.