I am a bit confused about what makes the best LED is it the wavelength, the wattage, or a combo of a bunch of things?
940nm is about twice the intensity as 850nm when viewed by the Wii Remote.
For a given wavelength (= given chemistry), max current is pretty much proportional to radiated power. Running much above max current will kill the LED, so you have to be careful. To do things right, use a higher source voltage and current limiting (don't connect it directly to a battery). For example, for a 2.4V source (2x rechargeable AA batteries), and 1.2V (typical) 100mA (max) LED, the resistor should be at least R=V/I=(2.4V-1.2V)/100mA=1.2V/0.1A=12ohms. If you want to get really fancy, measure the current (you can do this using a ammeter or by just measuring the voltage across the resistor and using I=V/R) and adjust the resistor until you're near your LED's rated maximum.
Power (wattage) isn't really that useful of a metric to compare unless the LEDs have the same current, angle, definition of power, and about the same wavelength.
For the Whiteboard project, you only care about angle if you want to be able to hold the markers more than about 1cm away from the board and not lose range. If you do want that, you want the narrowest angle possible.
For marker's, the field is just too wide.
For non-marker applications, I like the following LEDs:
Panasonic
LN52 &
LN152 950nm, 100mA, approximately flat falloff over slightly less than a hemisphere, or a full hemisphere. Not good for long range applications, but over short ranges (<4 feet) they work great.
Osram
SFH 4231 940nM, 1A, approximately lambertian angular falloff. Expensive though. If you want to project IR points onto a screen, these plus some optics are you best bet. The SFH4230 works in a pinch, but you'll get about half the intensity at the sensor for the same current. Powering these near their current rating is tricky - they need to be mounted to a heatsink to actually run at 1A, and merely supplying 1A to them could prove tricky as using a resistor for current limiting becomes problematic (if you don't understand why, don't try it).