Welcome to CPF. Hope you have a hammer, you'll be using it soon on your piggy-bank.
Nice-binned LuxV emtiters go for $30+.
However, here is my advice for modding this unit:
1) Either Cree or SSC P4 (or higher) binned emiter with low forward voltage in the 3.0v~3.6v range.
Since this is a 3-cell light, instead of using 1 or 2 cells with a dummy for lower-voltage, switch to using 2x17500 (same height, 1mm wider, check this).
Supply-voltage would then be 7.2v (or more).
2) For the emitter to handle this high voltage, use a Downboy at the desired drive-leverl. Something like 750mA would be nice, is you have good heatsinking.
If you would replace the complete star in your light, you would loose any regulation since I think the smt components on the star do "some" kind of regulation. Replacing an emitter on the star isdoable, but not easy, but then you would also need to replace the emitter with one that runs at that same voltage (maybe 6v?).
If you are good with machining, getting a DB750 (Downboy 750mA) to fit would be no problem at all. Maybe no machining at all. This converer is only 0.55" in diameter and maybe 5mm high. Max input-voltage 16v.
Downboy 750 sales and specs here:
http://theledguy.chainreactionweb.com/product_info.php?&products_id=495
With 2x 17500, these will run your led in regulation LOOOOONG
Also, when mounting the new led, consider using a custom plate/heatsink.
Let me know if this is something you would like to work out further or if you had other requirements.
Also, can you post more pics of the light, I would like to see the head and below the current emitter-board. Curious what reflector is used and what it looks like.
Cheers mate !