What you haven't factored in is that the drag from a dyno will also reduce your range, except when coasting downhill, which at best can only be half the distance for round trips, but since you go slower uphill than down, your battery is mostly going to be powering the light via battery->controller->motor->drive train->dyno most of the time.
Each of those four steps is less than 100% efficient, and they all multiply. Any decent DC-DC buck regulator is going to be as or very nearly as efficient as the motor controller alone, so you will end up using far less battery to run the lighting by "running it off the battery." My EE's WAG would be that the net (battery to light) efficiency with the dyno would be around 65-75% vs 85-95% for a buck regulator.
In addition, a buck regulator weighs less than 10% what a dyno hub does, and perhaps 1/3 of a bottle dyno, so your battery gets a tiny little bit more drain from toting the extra weight around.
Wiring in a buck regulator is a half-hour task. Lacing and truing a dyno hub is considerably more than that. I think my buck regulator cost less than $20...possibly less than $10. What does a dyno hub cost?
That said, either way the drain of the lighting is miniscule when compared to the motor. If you have a small motor, say 300W, then a bright 3W light will cost you 1% range, which you'd be hard pressed to notice between two identical trips, as your riding habits, how you catch a traffic light, etc. will make more difference than that. If you have a bigger motor, then the light will matter proportionally even less.
The only advantage I can see for the dyno is that you will have lighting if you run your battery flat and have to leg it home at night. Factor this against having lights at full brightness when stopped or at minimal speed. (stand light output is usually pretty weak) Note that you are most likely to be slow/stopped at an intersection, which is where most "didn't see you" accidents happen.
BTW, I had a similar situation with my Yuba-Mundo. Under pedal power, I ran the lighting via a Nordlicht bottle dyno. I kept this setup when I electrified it with a Stoke-Monkey. Eventually I replaced the bottle dyno with a buck regulator, and have never had so much as a moment's nostalgia for the dyno.