Oh, I like the idea for the buck converter. What kind of IC would I use for that? I'm putting this into a PCB, so I can't really use anything from Ebay.
You are better off converting (lowering) the voltage (as you are mentioning above) or using a low voltage supply to begin with. Then the circuitry will be much easier for you, and you will have much less wasted heat energy produced.
PWM produces about the same amount of wasted power in the form of heat, as a non-PWM solution. For loads such as your LEDs, with series resistors.
I.e. 12V down to about 2V, wastes power and produces heat in the resistors and/or transistors, regardless of PWM or DC. You have to use switching voltage converters (such as the buck converter), to minimize wasted energy, which causes heating in the components.
Alternatively putting all four LEDs in series, would also save a lot of energy (when all four are simultaneously on). But it would be very difficult to switch them on and off, via the MCU, without rather complicated circuitry. So I don't think it is a good solution, unless you are happy with the mechanical switches, someone shows earlier in this thread.