If the LED is intended simply to confirm the pedal is active, then to conserve battery power you could connect between the power rails a high-efficiency LED in series with, say, a 2.2k resistor. That would give a LED current of about 3mA.
A big fat resistor is about as simple a discharge load as it gets, providing you already have an auto-shututoff on the battery. The load WILL get hot, whatever you use!
As Chemelec mentioned, magnet inductance will be an issue.
Annoyingly the datasheet gives no info about the magnet inductance. For a 9lb 33W magnet I would expect the inductance to be quite significant. If we take it to be, say, 1H then the magnet reactance at 10Hz would be ~ 60Ω. You would need...
Would something like this meet your needs? It will accept alternator voltages from around 3V rms to at least 50V rms and will have little effect on the tacho drive signal.
I don't understand what your clamping arrangement is.