i modded 3 dorcys, that used AAA, to li-ion 18500, and they work great.
but it was a LOT of changes.
the heat sync was about useless, and inefficient, and didnt send the heat OUT well.
the LED was only a 1W , after having to fix the heat sync the led itself was no big deal to change.
the curcuit they HAD in the ones i modded, would have had a fair ammount of resistance.
i replaced thier curcuit stuff (who needs strobe) with a 2way switch.
about 4ohm resister ran it at about 1W, the other side is DD, with wires that have a bit of resistance, and it runs HOT, like up to 2A. and i think i used a k bin, or j bin, i forget.
also gotta remember that the Vf goes DOWN over time, so if you get a led that can handle 3.9V then 3.7 after time, you probably would want to add in a microbe of resistance, or depend on the resistance throughout the unit.
easy way would be to get done what you want to do, have the battery fully charged, and check the total current IN the light, if its to high add a bit.
if it has one of them tiny curcuits, that might just blow faster than an overdriven led, protected li-ions have a bit of resistance too.
the idea is, all the math and science in the world will not determine your exact current , because of all the parts and pieces, a small wire alone, can put in a lot of resistance at low voltages and high currents, ,the Voltage that the led is now, the cuircuits can add in drop from silicoln and resistance.
the thing to do, is DO IT
then test it (for a second) before your finished (with full batt), and alter it if nessisary. then remember that there is a vf change over burn time. (the led will become more sensitive, and current will go up a bit)
the reflector is great.
so if they got a resister IN there now, and the curcuit can handle FULL 3 w, then you might get away with JUST a change to the resister in there.
A good set of hot off the charger ni-mhy batteries can put out a fair ammount of juice TOO, similar to the 1 li-ion. so if it will hang with them, chances are it will hang with it, the tri holders do add in resistance.
but if it was alkaline ONLY designed, then you must add resistance.
by the way george has a new PWM thing that might just Barely squeese into that hole, and provide awesome levels. it would be a lot of fudging to get it in, but its a thought.