Thank you all for your help. I have built the "new circuit" above with a 50 uH inductor and every thing is great. But in prototyping I managed to blow one of my switchers. It happened when I put too many diodes into the LED chain and the circuit attempted to create a voltage too high for the switcher to handle.
Next I got a board printed with three copies of this circuit sharing a common supply (think: red green and blue). After I soldered every ting together I tested each circuit in turn. The first one worked, then the second one, finally the third but when the third one was working, I noticed that the switcher and the inductor for the first two circuit had failed, with the switch open, shunting a lot of power through the inductor to ground.
I replaced the one of the switchers with a spare and every thing was fine again. I *think* that they failed because I operated them with an open circuit for a load. I'd like to prevent this and I'm thinking that a 75v zener in parallel with the LED chain would act as an ~infinite load until the output reaches 75v at which time it will prevent it from going any higher.
Does this sound reasonable?
Are there any other thoughts why this circuit might fail?
Any other possible methods to fix the problem... these switchers are about $10 a piece and I'd like my circuit to be fairly robust.
Thanks for any and all input to come