I've been playing with this idea a bit, but haven't gone past mocking it up in my head/coming up with ideas. (too many other projects still)
There are numerous websites out there (apparently) that have diagrams of how to put together a bunch of LED's. (would that be an array?)
Anyways, there are a couple more things to consider. Red LED's need to be behind red lenses, and white behind white, and so on.
LED's seem to typically be rated at 15* for the "angle" of light given off...basically 0* would be nothing to the sides, 15* shows a bit more light to the side, and so on. The more angle, the further from the side the LED can be "seen". (you'll always see some light, but nothing near what you'd see within the 15* "lgiht dispersion" zone. I've started seeing 40* LED's, these would seem to be ideal for vehicle lights, especially taillights. You can buy 100 LED's on ebay (rated at 7000 milli-candelas I think, which are pretty darn bright) for around $25, and you can buy circuit boards at Radio Shack for about $8. Mount some lights at an angle so they could easily be seen from the sides, and you could have a very good setup.
The only other problem is "diffusion" of the light. If you look at LED's through a clear lens, you will see each individual LED. If the lens is textured correctly (I doubt 73-87 truck ones are, but have not checked) the LED's are impossible to individually pick out, yet still very bright. You can see this on any LED's behind a lens that is textured, that you can move...one place the LED's are easily seen seperately, move the lens 1/8" to the side, and the lights are much more difficult to distinguish.
I know there are Cadillacs out there that appear to have LED tail lights, but I'm not sure how they did that, whether its a standard bulb with a fancy lens, or many LED's with a very good lens, so that the individual LED's are not visible at all.
Anyways, what I'm getting at, is that with a little research online, you could probably put together an LED replacement for under $50, likely for both sides, and still have bulbs left over to re-sell.
I too am not impressed with the replacement LED setups I've seen, the LED's are too few, the individual LED's are too visible through the lens (at least on the displays) and the light isn't spread out enough. They are probably made so "cheaply" though, because any more effort or time spent on them would increase the retail cost too much, and no one would even be interested in them.