Electrolysis uses DC current for a reason. The DC current flows in only one direction. I know of no electroplating operations which do not use as pure a DC current as possible for this reason. Reverse electroplating is doing the same thing as electrplating except everything is in backwards. Instead of plating something onto an object, the plating on that object is removed and replated onto something else or it falls into the sludge formed by the operation. As that DC current flows, it can take atoms from the positive electrode and force them into the electrolyte. After a period of time (usually pretty quickly) those same atoms are attracted to the negative electrode and will plate out of solution onto the negative electrode. Using AC current for electrolysis should not work. The atoms taken from the electrode which is positive at this instant in time may not have enought time to travel to the negative electrode. On the next half cycle of the electric current, what was your positive electrode now becomes your negative electrode and tries to recapture (replate) the atoms it just lost. The process would be repeated at the opposite electrode. When you put an LED (Light Emitting Diode) in series with your output, you effectively changed the AC current to DC current. The LED can only pass a very tiny amount of current and operates on very low voltage (usually around 1.5 volts). If you raise the voltage, the current also rises (Ohms law). Once you surpass the operating parameters (eithe voltage or current) for the LED, IT WILL FAIL. All circuits using LED have some form of voltage dropping/current limiting resistor. On some LED's it's built in. You need to look at the specifications for the LED you are using to know what its limitations are.
Way back in the late 1960's when I was in college, they taught that current flows from positive to negative. I believe this is still what's being taught. However, they also taught that voltage flows from negative to positive. This was in order for Newton's laws to remain in balance. For every action there is an opposite and equal reaction. It's been many years since I have done any studying on this subject, so I don't know with any certainty what is being taught today.
If you wanted to make a really effective plating (or reverse electroplating) setup, start with a battery charger like a car battery charger. Connect it to a car battery like you are trying to charge it up. Then run the positive and negative leads to your electroplating setup. BE SURE YOU USE SOME FORM OF RESISTOR IN SERIES WITH EITHER ONE OF THE LEADS BETWEEN YOUR BATTERY AND THE ELECTROPLATING CELL. This is very important because without it, it is possible for the current to rise to the highest level that the battery can supply if the leads are accidentally shorted together. Under normal operating conditions, the current would be limited by the electrolyte used, its chemical strength, the distance between the electrodes, the size of the electrodes, and the temperature of the solution. As a general rule, the more concentrated the solution, the higher the current. The closer the electrodes, the higher the current will be. The larger the electrodes, the higher the current. The hotter the solution, the LOWER the current. Heat of the solution is an inverse function of the current whereas the other factors are a direct function of the current. Different electrolytes have different resistances based on their chemical composition.
Once, as a kid, my father had a battery in his car go dead. He took the old one out and placed it on the garage floor. I had recently acquired a DC ammeter with about 6 settings. I took a pair of jumper cables and connected the positive terminal of the battery to the positive terminal of the ammeter. I just wanted to see how much current that "dead" battery could produce. I connected the other jumper cable to the negative terminal of the meter which was set to 600 amps. When I touched the free end of the negative jumper cable to the battery post, all HECK broke loose. Some of the battery terminal melted, some of the jumper cable clip melted and it blew up the meter. Molten metal spewed in all directions. I know my Guardian Angel was watching over me that day. Things could have been much worse. The battery migh have exploded, the wire in the jumper cables might have heated up to their melting point and started a fire, or any number of other bad things could have happened. AND I WAS USING A DEAD BATTERY. Please be careful in your experimentation and good luck.