I'm not wanting to burst anyone's bubbles, but that technology already exists. I remember reading an article on it in a High Times Magazine a couple months back(Along with some sweet pics of crops). But I believe it would be impressive to work on a led light, in combination with a light that emits a lower violet-blue color(440nm to be exact) which no LED can do.
I have been interested in this topic for quite some time, I have more information on my blog: Smart-Hygro