Unless that glass is tinted in some way it is unlikely to reduce the intensity of the light by more than about 10%. And, the 1/8" thickness is about as thin as it could be and still provide any protection for the LED. But, my DIY LED light has no splash shield at all, and it sits less than 2 inches above the water. It has been in use for about 2 years, with no problems.
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Hoppy
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