led driver negative output and GND
You would be eliminating the control circuit and the NMOS protection circuit when the Feed Back pin is bypassed. 

Either the LED or the NMOS switch will blow.  The resistor is a small ≈4Ω sense resistor not a current limit resistor. 


  7.3.1 Current Limit
  The LM3410 uses cycle-by-cycle current
  limiting to protect the internal NMOS switch. This current limit does
  not protect the output from excessive current during an output short
  circuit. The input supply is connected to the output by the series
  connection of an inductor and a diode. If a short circuit is placed on
  the output, excessive current can damage both the inductor and diode.
  -- LM3410 Datasheet