pay attention to what lctorana is saying here as it's very important!!!
what I like to do is measure current across tailcap on the regular 3AAA pack, then compare it to the current with the li-ion. If it's only slightly higher, it'll probably be fine, especially if it's like a 1W emitter or something (like going from ~300mA to say, 450mA)... They can usually handle that.
multi-5mm lights are more sensitive to the voltage difference and can easily double or more their running current on a li-ion cell. This is likely to cause premature failure.
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You can always install a resistor (or replace an existing resistor) to compensate. Or better yet, install a current regulator.
Eric
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PS: another option on some of them, would be to see if a sub-C (NIMH) cell would fit. They are 23440 size... This would leave 6mm of space to install a boost regulator