If your LED's are within the voltage and current limits of the VRM, there is no problem using it to light them up.
If you are using something like this:
http://www.amazon.com/SUPERNIGHT-16-...led+strip+blue
A 5050 LED draws .24 Watts per led. One string has 300 LED's, or 72 watts! That's 6 amps at 12 volts - well beyond what the VRM has available.