Grumpy_Mike:
Having seen no ill effects on the red LEDs,
Would you have noticed a 20% light level drop between one day and the next? Especially given the fact that the eye's response is non linear.
Given the nature of the current / voltage curve of an LED it is almost impossible that you have not subjected them to over current.
http://www.thebox.myzen.co.uk/Tutorial/LEDs.html
A very good point but my range has hovered at "disappointing" since I first powered it up. It hasn't dropped - yet - to "bad." Given that it takes a quartering in power to drop the range by half, even a 20% drop would be unnoticeable though, so it's entirely possible that this is a problem that I'll face anyway.
The only way to get the proper current is by using the correct resistor value calculated from the data given in the data sheet for your LED. Yes there are a lot to choose from and it can be confusing. First of all the wavelength must match the wavelength of the receiver do you know what that is? Getting the wrong wavelength will reduce the range. Given that is what you are seeing I would suspect that might be your problem.
It hadn't occurred to me that it would work at all if I had the wrong wavelength of LED. When I dismantled the remotes that I analyzed, I did notice that their LEDs' epoxy was very dark - maybe about this color: (selecting at random from parts on Jameco)

The LEDs I'm using now are clear. How does one determine the frequency that an LED is operating on, if they can't look it up?
Then there is the radiance angle, generally the narrower the angle the greater the range at the expense of it being more directional. Then there is the luminance output and finally the working and peak current. Normally the peak current is very much greater than the continuous current, however it is normally quoted on a 10% duty cycle and I suspect you are flashing it at a 50% duty cycle. Do you know what the duty cycle you are using is?
I'm using LEDs that have a fairly narrow viewing angle, and I do need to keep pointing roughly at the model for it to receive. This was a design choice, since the wider viewing angle would seriously impact my range.
During "marks", my duty cycle is 50% - for 12 cycles at 38kHz. I then have pauses ("spaces") that represent anywhere from 40 to 200 cycles or more, so while my duty cycle does hit 50% - it is for very short periods of time. In between transmissions, there are pauses of 30ms.
Would I be better off going with IRs in parallel and a small CLR?
Not sure what a CLR is apart from Capacitor Inductor and Resistor but as you don't use capacitors or inductors when driving an LED it can't be that. However series is fine as long as the current is controlled.
Current Limiting Resistor. =]