Are you basing the LED wattage off volts and amps or just 'wattage' ratings? Also are you running the LEDs on a ramp cycle or just on/off? Finally, are you running the LEDs at full power or is something always dimmed for color blend?
If you are using real wattage, then you are pretty safe. More so if you run them on a ramp, because you will only hit the high loads for a short time, or if you don't ever run them that hard.
If you are basing the numbers are 'wattage' guidelines for LEDs you could be severely under or over estimating the power consumption, depending on the actual color and type of LED. Even worse if you run them full power for full duration...
I don't think a good PSU should fail running at 95% rated load for a good long while, but its a little excessive. An hour a day with the rest being light loads i don't think id even worry about it... A cheap PSU would probably start cooking though, and sooner than later let out the magic smoke from some part or another.