Have you actually opened up the Arc LS? The driver board is on a paper thin PCB, and mounted to the heatsink. The LED makes contact with the heatsink through a hole in the center of the PCB. You are going to have a very hard time finding an aftermarket PCB for this light.
It sounds like what you need is a custom heatsink and a DownBoy regulator board. That would probably be a custom job, but I could be wrong. I have not seen that offering before, and I usually take note of such things.
Working with what you have, it sounds like your best bet would be to replace the stock Luxeon LED with a Seoul LED and a Khatod 17mm reflector. It is a direct swap, no shim needed. While you are at it, add an anti-reflective lens. :thumbsup:
Doing an emitter swap using the stock driver isn't too difficult. However, once you decide to use another driver, the mod quickly increases in difficulty. There are a number of drivers available from the Shoppe (http://theledguy.chainreactionweb.com/). Milky has also done some very nice LS mods. If you search in the "Homemade and Modified lights" forum, you should find several threads with pics and all.
I've dropped a FLuPIC in LS's already. It's nice to extend the LS's functionality from a single level to several levels. goldserve no longer sells them, but you could always post a WTB thread. He had an LS-sized board that makes things easier.