Do the 3 mounting screws and underlying material provide sufficient heat sinking? Any idea if it runs too hot on new cells? I imagine that the internal resistance of the AAA cells would prevent too much of a problem.
So, how is it heatsinked?
It looks like the Star is srewed down to a piece of plastic, so the only thermal paths are around the edges of the star and through the plastic. That would hold all the heat in the light where you wouldn't feel it and lead to a short lived Luxeon.
You can further mod these Ray-o-vacs besides setting in a luxeon. I replaced the 2 red leds with white leds so that I have 3 white leds running at 30ma each. That is the first switch setting. I like red leds but not on a headlamp...
The second switch runs the luxeon at about 130ma. The 3rd switch setting runs the luxeon on direct drive. The board on this light is pretty easy to work with. You can get all these settings just by bridging around the board with different resistors.