Hey norm i tried this as well using an unwrapped magneto coil that i cut down to size and some 22 guage wire. It puts out enough power to run a 6 volt lantern bulb. I just bought some 23 guage wire which im hoping will be able to power a 12 volt high power led like the one in this instructable:
Optional Addition
My plan is to use 2 voltage regulators, one for the smaller leds, hooked up for 6 volts, and one for the high power led for 12 volts. This way if there isint a high enough voltage at idle, the high power led just wont light but the smaller leds will stay on.