If I want to connect a bunch of 12V LED chips in series to work from 120VAC, with the only other components being diodes (regular ones, not LEDs), would I get it to work if wired like this?

What would the heat output be for each cell? VAC has 170 peak I think, but overall the heat output would be 12V equivalent on each chip, or to put it in other words, rated power, right?
If so, I will probably add an LED or two in there since I want to underdrive them, reducing brightness and heat in order to extend life and reduce waste heat (and also having to spend less $ on heat sinks).
Would that work? What kind of diode ratings am I looking for on those 4 diodes?
Would I need a capacitor in there somewhere to deal with the peaks or it wouldn't matter if I'm underdriving with 11-12 LEDs instead of 10?
Is any waste heat being created by any components, like the 4 diodes (with the exception of the inescapable generation of heat by the LEDs)?

What would the heat output be for each cell? VAC has 170 peak I think, but overall the heat output would be 12V equivalent on each chip, or to put it in other words, rated power, right?
If so, I will probably add an LED or two in there since I want to underdrive them, reducing brightness and heat in order to extend life and reduce waste heat (and also having to spend less $ on heat sinks).
Would that work? What kind of diode ratings am I looking for on those 4 diodes?
Would I need a capacitor in there somewhere to deal with the peaks or it wouldn't matter if I'm underdriving with 11-12 LEDs instead of 10?
Is any waste heat being created by any components, like the 4 diodes (with the exception of the inescapable generation of heat by the LEDs)?
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