If you wanted to have a high current version, here's some suggested changes. You'd also need a heatsink on the LM317 to handle the load. I've dropped the resistor to 12 ohms, the pot to 50 ohms, and upped the capacitance from 330uf to 1120uf. This obviously makes the module bigger, no way around that, the bulk of the size increase is the capacitors.
Note that when running at higher track voltages, the LM317 has to dissipate all the current to the LED's across whatever voltage drop is required for the LED's.
Let's say, for argument's sake, that you're running two LED's in series, so they need 6V to run. You should be able to generate that from 6 VAC on the track, the caps will charge to the peak voltage of around 8 volts, give the LM317 a couple volts drop and you're there. However, if your LED's draw 100ma, and you're running with, let's say, 14 VAC on the track, the caps will charge up to around 18 volts allowing for two diode drops across the bridge. Now you're shedding 12 volts around the LM317 at 100ma, or 1.2 watts. That will require a decent heatsink to keep the regulator from going into thermal shutdown. It goes without saying that you need to keep the regulator away from plastic surfaces.