Without looking at a diagram, I'm hard pressed to offer any specifics. But I think your statement
I'll be leaving the tail light bulbs in as I want the radiant light abilities of the 1157 for the rear tail light assembly.
rules out the simplified arrangement you describe.
The other thing to remember about a regulator circuit is that it's using some power to do its regulation--there's no free lunch. So if you're budgeting power from your charging system, the regulator approach may not give you the wins that a cheaper, simpler, resistor current limiter will.
(standard disclaimers apply, etc. Since we aren't talking specifics consider the above a general observation rather than a hard and fast rule.)