As Siwastaja said, they still make the old-style low efficiency LEDs, which was my point (I dug out an actual old one simply because it was a sure way to ensure it wasn’t an efficient chemistry).
But no, your first method isn’t any help in practice. As Siwastaja also said, LED efficiency spans multiple orders of magnitude, even among modern LEDs. Choosing a similar drive current tells you nothing about whether two different LEDs will have similar light output.
Best thing to do is look at the mcd rating and only compare leds that have the same viewing angle.
That will match them up pretty well.
I looked up 7 different smt LEDs on JLCPCB parts list. Just used ones rated at 20mA.
Did not even find 1 order of magnitude difference in efficiency. And found they all had similar viewing angles.
MPN:
Yellow:
19-213/Y2C- CQ2R2L/3T(CY), 17-21SUYC/TR8, FC-DA1608HYK-588J, E6C0805UYAC1UDA
Blue:
X L - 0 8 0 5 Q B C, E6C1206QBAC1UDA, MHT170UBCT
Yellow:
Intensity: Min, Typ, Max (MCD): 70, 125, 220
View angle: Min, Max: 120°, 130°
Typ Vf: 2V
Blue:
Intensity: Min, Typ, Max (MCD): 50, 111, 225
View angle: Min, Max: 120°, 140°
Typ Vf: 3V
Comparing yellows to blues, there was much less difference in intensities and viewing angles than there was in Vf.
Resistor voltage with 3.3V supply:
Vr_yellow = 3.3V - 2V = 1.3V
Vr_blue = 3.3V - 3V = 0.3V
Example currents with 3.3V supply and 65 ohm resistor:
If_yellow = 20mA
If_blue = 5mA
Typical luminous intensity at 20mA:
Yellow: 125 MCD
Typical luminous intensity at 5mA (based on linear approximation of current vs luminous intensity):
Blue: 28 MCD
Results:
Difference in typical MCD based on using same value resistor for both LEDs: 125 MCD / 28 MCD
4.5 times difference
Typical difference in MCD between yellow and blue: 125 MCD / 111 MCD
1.1 times difference
Worst case difference in MCD (max yellow / min blue): 220 MCD vs 50 MCD
4.4 times different
Conclusion:
In this case difference in Vf is as impactful as difference in efficiency.
If you go on digi-key and look up the extremes then you can find some big differences in efficiency but that comes with different packages and different costs. Odds are the purchaser is going to choose identical packages and similar costs and it seems like that will yield similar efficiencies. At least similar enough that there is room for current matching to cause an improvement in intensity matching.