The lenses wouldn't need to transition rapidly to block out the buoy light, as long as they were darkened by the time the wearer started actively looking for the buoy.
SVA: do you have a reason to believe that the light emitted from such LEDs might be polarized, or is that part of the speculation? The only ways I could think of polarizing the light would seem like unnecessary extra steps in the construction of such a buoy...
s/v Laelia - 1978 Pearson 365 ketch
s/v Essorant - 1972 Catalina 27