When you say "dramatically shorten" how much does this matter? They're rated for 50,000 hours!
Just bear in mind that the hotter the junction temperature, the less light they output. So, as nonsensical as it sounds, you may be better with a lower drive current where the LED wouldn't warm up so much.
I just simply wouldn't recommend doing it at all. i had a junk XR-E laying around once, so i ran it at 700ma with no heatsinking and it didnt even last 1 minute.
I'm not even sure what kind of project would call for an unheatsinked emitter.
I did consider it for my car, my heater control panel had two little tiny incand lamps in that blew and I couldn't find replacements. I threw four Nichia CS 5mms in but that was a couple of years ago and the connection on one of them is not brilliant. I was considering opening up the console again and putting in a couple of XREs at a low current, there doesn't appear to be anywhere to heatsink them to though :-( So, I would be interested in a current that might be 'safe' for a prolonged period, 50-75ma?
Andrew
I'm not even sure what kind of project would call for an unheatsinked emitter.