It's a neat idea, but after reading the description of how the laser is powered, I believe that it would only work with an incandescent bulb installed. An Opalec, Inretech, or other LED conversion might cause the laser to not work.
The laser is activated by first twisting on the mag light, then unscrewing the tail cap/laser until the light turns off and laser turns on. That means the bulb is in series with the laser module in the circuit, but the laser is higher in resistance so almost all the load of the circuit is the laser. There would not be enough voltage drop across the light bulb to illuminate the bulb when the laser is on. Substitute an LED in place of the incandescent bulb and it will either stay illuminated when the laser is activated or the laser won't be able to work (depending on how the LED is driven).