as for sega light gun games, there are alot of them that used ir led's just like we are. two for example are hotd2 and the second jurrassic park. i've seen the led circuit boards for sale on ebay for cheap, maybe someone should check it out and start expiramenting.
while i'm thinking about it, does it matter where the led's are? the gun calibrates to the screen, so you could place led's wherever you wanted and then calibrate, and it should work. unless you moved them after calibration. i'd still use more than five reference points, but you could even use more...unless there is more to it.