Please avoid double posting (two posts in a row in the same thread), it's frowned up here, at least when done in quick succession, waiting 24-48 hours is generally fine. You can use the "edit" button to update your previous post, or delete it and submit a new post containing the old post and the new information.
That works, however, you need to ensure that the forward voltage of the LED is close to the forward voltage of the laser diode you intend to use.
Typical laser diode driver test loads use several rectifier diodes and a current shunt in series for forward voltage matching and current measurement. A good test load will allow you to set the forward voltage by selecting the number of diodes in the circuit. To measure current you measure the voltage drop across the shunt resistor and use V=IR to calculate the current.
Here's an example of a 3A selectable test load. You can see the jumpers and pins used to set the forward voltage.