I explored my options today in a hardware shop. I came up with an idea to replace the current 12V setup with GU10 on plain 230V. This way I would get rid of the transformer which only takes space and adds complexity. It would also open a possibility to experiment with LED.

It seems the procedure to switch to GU10 is fairly simple. The GU10 bulbs fit nicely. See LED mounted in place of the original here: https://www.dropbox.com/s/qkt04xpjge...402_194654.jpg

All i need to do to change to Gu10 is:
- replace current head cable with 230V + ground (easy as it's bridged to internal wires like this: https://www.dropbox.com/s/gkczjpu3v4...402_200542.jpg
- replace existing connector in the head with GU10 one, but reuse internal cables
- ground the head

Any reasons why I shouldn't do it?
Also any reasons not to use LED? It has a lag before it turns one which could make timing non-linear at short times.. but other than that?