If you use a constant current supply, the LED will operate at Vf for that current, just like gadget lover's bench supply. That's what I normally do. If you use an LM317 and one resister, you might have to spend almost a whole dollar to build one. I built one for 50ma, 100ma, and 350ma (3 different resisters) for less than a dollar. Its a lot more portable than my bench supply. I have another for one amp with a 1 ohm 10w wirewound ceramic resister for Lux3s.
Do heatsink the luxeon, otherwise it can cook in just a couple of seconds. I use some little spring clamps I found at Home Depot and a 1/4" thick heat sink to test mine. I forget what current those Lux 5s are supposed to use, IIRC it's one amp. You would want a heat sink for sure. I'd use a 1 ohm resistor and check the actual current with my DMM. The resisters I use aren't all that precise anyway.