well, you show a 3W LED, if you assume it's 1A (ish) at full power then the resistance you need to drop 1.25V is 1.25 ohms (Sorry, for some reason I was thinking it was 3A across 0.6V)
In any case, your typical photo-resistor has a resistance of several hundreds to a few thousand ohms in bright light, raising to several hundred thousand ohms in darkness.
I'm pretty sure your circuit wouldn't be too effective. It would either have the LED too dim in daylight, or too bright in darkness.
However if you have a particular photo resistor in mind, and know both its resistance, and the LED current you require in bright light and darkness, it is possible to calculate if it is possible to achieve them. I remain sceptical.
Without such measurements it is simply impossible to say. Even if it is possible to get 2 points right, there is no guarantee that the intermediate values would be acceptable (although this is probably less of an issue).