As we know, for the normal formation of the oyster fruit bodies we need reflected light and not direct, which is in the blue spectrum (reflected) , i.e. in the lower to mid visible spectra of the light. In the link below are presented very well the intensities and the light spectrum, depending on the source:
http://blog.vikiwat.com/led-lamps/
and as seen in the last two figures (after number 3) LED sources are divided into those emitting cold and warm light. In my opinion, those which emit warm light are less appropriative or if they are used their number should be substantially lower than the cold LED sources.
About the duration it is good to do experiments as the oyster is very polymorphic, and their responds vary also from the strain. I recommend you to use light source between 6 and 8 hours. Mushrooms which are exposed to more light will have a darker colour generally and during the experiment it will show exactly which mode is the most appropriate.