I have modiified 4 different lanterns, using "bulbs" consisting of 8 LEDs (or more) parallel connected to a PR type bulb base, arranged so that they face outwards radially. Just make sure that this will fit inside the plastic diffuser tube, I've even fit them into the little Ray-O-Vac 4AA "kiddie" lanterns.
For those, I have 8 LEDs pointed outwards radially, and one pointing straight up. In the base, I cut one of the battery wires
and put in a 4.7 ohm resistor. Also added two (red in one, blue in the other) LEDs and a resistor to light up the colored base. LEDs can be white, or yellow (bug light?).
I have one lantern, 6D cells, that also has an RF on/off remote. That one got 12 LEDs in a 2X6 series/parallel arrangement, and a 15 ohm 2 watt resostir installed in series
with the bulb socket connection on the PC board in the top of the unit. The last lantern is a 4D "generic" no-name unit, it got 8 white LEDs, and a 10 ohm resistor in the PR-2 base.
Some of these lanterns have a chromed metal disk in the bottom, this may be a great place to mount a 1 or 5 watt Luxeon star or emitter, pointing up. Nice big heat sink. Just a thought...
/ed B in NH