As the topic implies, when I run nvidia-led on Ubuntu 16.04 with any of the options, it doesn't produce any effect. I've including the usual suspects below, let me know if there anything else you need.
I built nvidia-led from source after cloning the git repo.
00:00.0 Host bridge: Advanced Micro Devices, Inc. [AMD/ATI] RD890 PCI to PCI bridge (external gfx0 port B) (rev 02)
00:02.0 PCI bridge: Advanced Micro Devices, Inc. [AMD/ATI] RD890 PCI to PCI bridge (PCI express gpp port B)
00:04.0 PCI bridge: Advanced Micro Devices, Inc. [AMD/ATI] RD890 PCI to PCI bridge (PCI express gpp port D)
00:05.0 PCI bridge: Advanced Micro Devices, Inc. [AMD/ATI] RD890 PCI to PCI bridge (PCI express gpp port E)
00:09.0 PCI bridge: Advanced Micro Devices, Inc. [AMD/ATI] RD890 PCI to PCI bridge (PCI express gpp port H)
00:0a.0 PCI bridge: Advanced Micro Devices, Inc. [AMD/ATI] RD890 PCI to PCI bridge (external gfx1 port A)
00:0b.0 PCI bridge: Advanced Micro Devices, Inc. [AMD/ATI] RD890 PCI to PCI bridge (NB-SB link)
00:0d.0 PCI bridge: Advanced Micro Devices, Inc. [AMD/ATI] RD890 PCI to PCI bridge (external gfx1 port B)
00:11.0 RAID bus controller: Advanced Micro Devices, Inc. [AMD/ATI] SB7x0/SB8x0/SB9x0 SATA Controller [RAID5 mode] (rev 40)
00:12.0 USB controller: Advanced Micro Devices, Inc. [AMD/ATI] SB7x0/SB8x0/SB9x0 USB OHCI0 Controller
00:12.2 USB controller: Advanced Micro Devices, Inc. [AMD/ATI] SB7x0/SB8x0/SB9x0 USB EHCI Controller
00:13.0 USB controller: Advanced Micro Devices, Inc. [AMD/ATI] SB7x0/SB8x0/SB9x0 USB OHCI0 Controller
00:13.2 USB controller: Advanced Micro Devices, Inc. [AMD/ATI] SB7x0/SB8x0/SB9x0 USB EHCI Controller
00:14.0 SMBus: Advanced Micro Devices, Inc. [AMD/ATI] SBx00 SMBus Controller (rev 42)
00:14.2 Audio device: Advanced Micro Devices, Inc. [AMD/ATI] SBx00 Azalia (Intel HDA) (rev 40)
00:14.3 ISA bridge: Advanced Micro Devices, Inc. [AMD/ATI] SB7x0/SB8x0/SB9x0 LPC host controller (rev 40)
00:14.4 PCI bridge: Advanced Micro Devices, Inc. [AMD/ATI] SBx00 PCI to PCI Bridge (rev 40)
00:14.5 USB controller: Advanced Micro Devices, Inc. [AMD/ATI] SB7x0/SB8x0/SB9x0 USB OHCI2 Controller
00:15.0 PCI bridge: Advanced Micro Devices, Inc. [AMD/ATI] SB700/SB800/SB900 PCI to PCI bridge (PCIE port 0)
00:15.1 PCI bridge: Advanced Micro Devices, Inc. [AMD/ATI] SB700/SB800/SB900 PCI to PCI bridge (PCIE port 1)
00:15.2 PCI bridge: Advanced Micro Devices, Inc. [AMD/ATI] SB900 PCI to PCI bridge (PCIE port 2)
00:15.3 PCI bridge: Advanced Micro Devices, Inc. [AMD/ATI] SB900 PCI to PCI bridge (PCIE port 3)
00:16.0 USB controller: Advanced Micro Devices, Inc. [AMD/ATI] SB7x0/SB8x0/SB9x0 USB OHCI0 Controller
00:16.2 USB controller: Advanced Micro Devices, Inc. [AMD/ATI] SB7x0/SB8x0/SB9x0 USB EHCI Controller
00:18.0 Host bridge: Advanced Micro Devices, Inc. [AMD] Family 15h Processor Function 0
00:18.1 Host bridge: Advanced Micro Devices, Inc. [AMD] Family 15h Processor Function 1
00:18.2 Host bridge: Advanced Micro Devices, Inc. [AMD] Family 15h Processor Function 2
00:18.3 Host bridge: Advanced Micro Devices, Inc. [AMD] Family 15h Processor Function 3
00:18.4 Host bridge: Advanced Micro Devices, Inc. [AMD] Family 15h Processor Function 4
00:18.5 Host bridge: Advanced Micro Devices, Inc. [AMD] Family 15h Processor Function 5
01:00.0 VGA compatible controller: NVIDIA Corporation Device 1b80 (rev a1)
01:00.1 Audio device: NVIDIA Corporation Device 10f0 (rev a1)
02:00.0 SATA controller: ASMedia Technology Inc. ASM1062 Serial ATA Controller (rev 01)
03:00.0 SATA controller: ASMedia Technology Inc. ASM1062 Serial ATA Controller (rev 01)
04:00.0 USB controller: ASMedia Technology Inc. ASM1042A USB 3.0 Host Controller
0a:00.0 Ethernet controller: Realtek Semiconductor Co., Ltd. RTL8111/8168/8411 PCI Express Gigabit Ethernet Controller (rev 09)
0b:00.0 USB controller: ASMedia Technology Inc. ASM1042A USB 3.0 Host Controller
0c:00.0 USB controller: ASMedia Technology Inc. ASM1042A USB 3.0 Host Controller
nvidia-settings: version 370.23 (buildmeister@swio-display-x86-rhel47-02) Mon Aug 8 18:32:40 PDT 2016
The NVIDIA X Server Settings tool.
This program is used to configure the NVIDIA Linux graphics driver.
For more detail, please see the nvidia-settings(1) man page.