The reduction in current is more complicated than that to calculate, because you have to take into account the amount of time that the supply voltage is above the LED voltage. The current will be reduced somewhat by having more LEDs, and you probably don't need to know the current very accurately.
The LEDs will still flicker at 100 Hz with that circuit. If you have 66 LED, with a total voltage of 240 V, the 220 V RMS sinewave will only be more than 240 V for about 45 % of the time, so the lights will be off for more that half the time.
If you put a 100 uF 400 V capacitor across the output of the bridge rectifier, there will be no visible flicker. You should also add a resistor of around 100 ohms in series with the capacitor to limit inrush current when you first turn on.
You should also put a resistor of around 1M in parallel with each capacitor to discharge them after you unplug, so that the capacitors don't store dangerous voltages for hours after being turned off.