larryd:
Yes, must point out that there is a Vce drop that raises the power expended in the transistor.
Not saturating the transistor makes it switch off faster (Google "Baker clamp" for background info),
and you can drive it with less base current (use 1k base resistor).
Downside is that the power that the current limiting resistor took is now dissipated in the transistor.
But that should not be a problem with intermittent use.
You could always use a second IR LED (two in series).
Leo..