Indeed, those properties are inversely proportional, however, the DC/DC booster is rated to supply the necessary current I need.
I did some more research and wikipedia had some interesting insights:
http://en.wikipedia.org/wiki/LED_circuitIf I understand what the author is saying correctly I am able to use a constant-VOLTAGE device successfully (as opposed to a constant-CURRENT device) but more care will need to be taken to ensure the current is stabilized, specifically with resistors.
In the end I would prefer not to add the cost of a LM317 (which I can't use anyways because of the high dropout) but I may opt for something like the LM2941 which allows me to remove the transistor I'm using to enable/disable the light.