As greenLED suggested, first, open the crimp, then the easiest way I find is to keep the head in the boiling water for a while and push the led from the top with something not sharp such as plastic (ball pointed pen tip). The storage temperature of the parts are higher than water boliling point and it is safe.
Once the circuit is out, grind the epoxy from the top carefully towards bottom, a hand dripp such as dremel is helpful.
There is an o-ring around led at the top of epoxy. I believe it was used to block the epoxy flowing out to the front side of head. It can be used back to keep the water getting in to the circuit.
About 35-40% down, you will reach the led leads. Old board has a cap attached to the leads and the new board has cap on the pcb. You can cut off the led and solder a new one now. Try to keep the same height of the led from the pcb.
Then you can cover the led leads with some epoxy to strengthen the joints and put back the o-ring to led bottom. If you want to make it back to the cylinder shape, wrap with tape and pour in the epoxy. After hardening, use a cutter to shape it. But this is not really necessary.
Put it back to the head and press back the crimp and it is done.
-- dj