Not the 5W version commonly called a Luxeon V
If its near 160lm its a Lux3
Your not going to get more light out of it
Change the LED! leave the driver alone unless you want different modes
Depending on the reflector/optic I'd get an XP-G on 10mm MCPCB and put it on the original board where the old LED sits.
If you have a lot of focusing adjustment you could get a larger round MCPCB, looks like 16mm, and replace the whole old LED board