I've run my Matterhorn with a single Snow29 with 1.5 volt AAA lithium cells, but I'm pretty sure that 3.7 volts would cook the poor thing. Stick with the 1.5 v cells.
Archangel: I'll stick with the AAA lithiums for the moment then,
Lebox97: I just ordered 2 lithium-ions and charger from AW so was looking to see if the single led would cope with the 3.7v these run at. one of them is going in a solitaire with a terralux microstar conversion.