They will make light, but don't expect dimming to work. LED bulbs require either full sine wave dimming, or "reverse phase" dimming; neither of these are available on any portable dimmer pack that I know of, short of a full ETC sensor rack, which seems an unlikely match for your PAR38 fixtures.
The band I provide for used to use my PAR64's. But occassionally,there have been places with power issues so they bought some of the cheap LED's.Finally after 2 years they realize those things are pretty much useless since they play bigger rooms and outdoor shows.So they want the low power consumption of LED's,but want something better without paying $500 per fixture.So I suggested the PAR 38's with LED lamps. You can buy the cans new for under $30 and the LED 150watt equivalent lamps for about $30 each.If there is anything else that might fit the bill let me know.They don't use dimmers so dimming isn't an issue even though I do have the older type dimming board with the old style dimmer packs which if I understand you,they may work with the LED lamps.
OK,I bought 4 of the PAR 38's with the largest LED spot lamps I could find.I wasn't happy with their performance with the GELS in although they are a little better than an incadesent lamp and use far less power.However,where they do shine is without the GELS as white lights.The LED's give a much brighter,whiter light than incadescents.So the band still wants to purchase some better LEDS.I know Max has suggested the Colrado -1's which I will look at.Another sound lighting provider suggested Elation Six-par 100.Do you have any experience with them?