I'll admit, duro, that on the surface it may seem like a crazy idea, but if you spend some time reading over in the "Flashlight Electronics, Batteries Included" section of CPF, you'll soon discover some eye-opening and scary threads that might cause you to rethink your position.
In fact, we've had many discussions on CPF about this very idea, building in some kind of waterproof one-time use rubber vent for added safety on lights using lithium-ion cells.
Of course, if you use a quality protected rechargeable battery correctly, and maintain and charge it correctly, then the chances are very low that you'll have a problem..... but...... with these newer high capacity cells coming on-line, the potential for a serious event happening should something go wrong becomes exponentially higher.
Even the most fastidious CPF member isn't perfect, and all it takes is one mistake to start a chain of events that could lead to a very bad day for somebody.
I like the idea of removing the O-rings, but of course, you'll loose the water resistance, and that, after all, is what the OP is trying to avoid.
Of course, this is the reason many CPF members have gotten away from lithium-ion cells and opted for the safer and easier to find AA primaries and NiMh cells, and with the addition of many new lights designed for high output using these safer cells, it sure seems to make more and more sense.
Personally, I'll be interested in following this thread and see what gyani comes up with.