You can slow your bottle dyno down a bit so you don't burn it up by just placing the twist off cap from 1.75 Liter bottle, like a plastic whiskey bottle, over the dyno's contact wheel, the caps even have grip lines around the edge to better contact the tire and they last a surprisingly long time, much longer than whiskey in the bottle the cap came off of so there were always spares ;-}
You can make your full wave rectifier work by tying the bikes ground to the AC ~ input you didn't connect, just note that your + and - outputs ground for the light is no longer bicycle ground.
The way to do it right is insulate your dyno from the bike frame with like a piece of tire tube and pinch a wire in there and run that to the other side of the full wave AC ~ in as you are only getting half wave pulsed DC now.
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Bummer you are over $100 into your light already and don't have a killer light in the front.
You might want to start with this as a light/battery/charger base for $24 next time.
http://www.amazon.com/Lumen-Bicycle-HeadLight-Flashlight-Headlamp/dp/B006QQX3C4/ref=pd_sim_sg_3
1200 Lumen Cree XM-L T6 LED Bicycle Light
8.4V 4.4A quad 18650 Lithium Ion Battery Pack
AC charger (100-240V)
Bright, Medium and Low light plus strobe mode.
In full bright mode you'll get 3 hours and then some before a charge, on lower settings it lasts longer and on strobe for daylight riding it lasts for days. I leave one on now and again and they are still flashing the next day.
I love lights like this and there are several brands that are all pretty much the same, at least the ones I have tried are and I keep a couple of boxes around for testing bikes and for new build customers to buy because I know first hand over a dozen times how running a daylight strobe that caused an auto driver to see and avoid me so I don't have yet another 'face to face' as it were meeting with Mr. Pavement.
Are they perfect, no.
The headband that comes with it is a joke and gets thrown away.
It mounts the bars with a rubber band and is not solid but you get a kick butt light with the batteries and charger and making a better mount is nothing.
Note that as attractive as this light looks to pop into an old style bullet light it is not ideal for that either.
The power/mode switch is a push 'clickie' that you have to run through each mode to turn it off and you can't relocate the switch as the base of the light is the switch circuit and - power connection.
A better light base for a Lithium/CREE LED in a bullet is a flashlight, preferably one that just uses a pair of 18650's and you can jump the push-button out to the panel switch on the old bike light.
This one was your typical cheap 2AA 2 flashlight bullet lights.
I bought like a $45 flashlight like this.
Cut off the back of the reflector in bullet, put in the top of flashlight, ran power on/mode select to the bullet switch (not the top turn one, it does nothing, the back panel toggle, and a wire pair out for the 18650 NiCad cells.
This is shot of the light being directed at the ceiling in my shop in the middle of the day with drapes open and that ceiling fixture with a pair of 100W lamps in it on.
Having your bike generate you 'free light' is all good in theory but unless you are using regenerative braking to generate you little 2-stroke motor is and it comes at a cost.
If you are about running out of light carry a couple extra batteries and all you have charged and let your motor use all it's power to move you is all I am saying.