Multiplexing high current connections?
You'd be seriously exceeding spec-sheet maximum ratings of this CD74HC4067 chip:

Its "ON" resistance of about 60 ohms is inherent to its design, and can't be changed. Running at a high DC supply might help reduce \$ R_{on} \$ a little, bit. Don't forget, this is a "typical" value and could be greater.
This resistance would likely dominate the total resistance in the LED current path. Don't forget that the LED will drop voltage of about 2V.