Two issues: when using a voltage divider, the impedance of the divider should be much lower than the load impedance. This makes them impractical for low impedance loads, as ejeffrey writes.
The other issue is that you should keep the current constant for an LED, not the voltage. The forward voltage drop will vary with temperature and between samples of the LED, and due to the exponential relation between current and voltage, this will have huge effects on the current that will be flowing.