You're right on concerning pushing the 5mm LED harder... same applies to Luxeons as well.
Many of the 5mm LEDs are 'rated' at 20ma, that is 20 milliamps. Some of them such as KevinL's 35k LEDs reach their almost peak brightness around 50ma so they are already doning a great job at 20ma. Some such as the Nichia CS can really be pushed hard. I have three lights running Nichia CSs direct on a single 3.7-4.2V LiON cell and they pull about 170-180ma initially and they have held up just fine. I have over 100 hours on one of them though it does have a switch so that will introduce some resistance but in actual 'real world' and not the CPF world use, 100 to 500 hours of use is an awful long time and would likely serve most non obsessive compulsive adults nearly a lifetime.
The MJLEDs and SMJLEDs are spec'ed at 100ma so you would expect them to last 'about' 1/5th as long on a set of cells as an LED that ran at 20ma. Of course, you'd have to look at the actual current chart as the voltage drops.
Just so you have a ballpark idea, you could expect the MJLED to run at about 30-40 hours of good brightness on a pair of AA lithium cells. I you could build a light with an LED with a Vf of exactly 3.6V that ran at exactly 20ma with a regulator that was 100% effecient, with alkaline AA cells, you would expect nearly 390 hours of runtime though this isn't likely to be found in the real world. Best we can actually do off the top of my head is something like the Princeton Tec Impact which gives 'merely' 120-150 hours off of 4 AA cells.
Problem with most of the existing lights that run a single LED at very low current have those freaky moonlight type beam patterns that most CPFers don't like. You could get one of the 5mm LEDs in a PR base intended for use with 4 cells and put it in the Tec 40 and would get a very useful light with outrageous runtime.