I shouldn't think that cooling would be that much of a problem, although I'll be the first to admit that I'm hardly the expert on this, I'm just a hack. I guess I'll need more education (probably via blown Luxeons) before I know what I'm doing.
Anyway, I mentioned that because I was out last night for about 2 hours after dark and had the 12v/5w light on the whole time without any overheating that I noticed. The only cooling on the 5w star is a heat sink I bought from Wayne that's about 30mm in diameter. It's secured to the bottom of the star with CA-ZAP model cement and stuffed into the head. I had drilled some holes in the head for ventilation, but that's about it. True, I was moving all the time and it was fairly cool out, but even the major manufactures of lights like Nightsun and Catseye have warnings in the owners manuals about leaving the light on when not moving. If I leave the 20w high beam on (halogen) for more than about 4-5 minutes, I'll melt the front lens (done it twice) in addition to blowing a 10$ bulb.
As for batteries, I wired 12 new 3000mh sub-c NMIH cells(leftover from strobe pack rebuilds) in series then put them into a water bottle from which I had cut open about one inch up from the bottom. I re-attached the bottom with a strip of gaffers tape and put a small toggle switch into a hole drilled in the top. The battery weighs less than half what my older ni-cad did and took less than a hour to make. Nothing fancy and it works fine, for production purposes though, gaffers tape isn't the way to go.
Al