Possible, yes, worth the troubles, probably not. It seems to be well build light, from the outside at least. 5C cells do not provide much power, so to make it really brighter, not a little bit, but enough to be worth the troubles you'll need to convert it to lithium ion cells, 5c total to 250mm. you can fit 3x21700 or 18650 cells, (you can go 5c nimh cells but it is old tech, you can go nimh AA as well, like top of the line, eneloops, but they are inferior to li ions) then you need to replace a driver, than the led, it is a lens optic system, so you want to stay with single die led, sst 40 probably your best bet.
But none of it worth doing if your heat path from the led to the body is poor, we can not see it on these pictures, you'll have to take the head apart. if it is not sufficient, you'll most likely need a lathe to turn new head or a heatsink, in that case it probably not worth it.
At this point there are so many different flashlights available for reasonable price, and of decent and good quality, it is no longer worth converting, you very likely invest a lot more than you will get out from results of converting, Ulness the whole idea of conversion is that you really enjoy converting, and do not care whether efforts and resources invested will not justify the result.