Nor do I really understand how/why the efficiency of the PSU could be markedly different with halogen and LED loads. Are you sure you compared 'like with like'? If, for example, you compared a 50W halogen and one 5W or so LED, using the same PSU, the much higher efficiency you saw with the former might have been simply because it was a much larger load - if you compared a 50W halogen with 10 x 5W LEDs, and you might see similar efficiencies.
Kind Regards, John