Mirage_Man,
While I am by NO means a modding guru, though most individuals are on CPF, I will attempt to provide something. First it depends on whether or not you are going for direct drive (running the LuxIII straight off the batts) or ciruit boosted power. Second it he extras (like UCL, reflector if needed, o-sink or hotlips sink, and battery adapters if needed.) Third, is well work....
1)
Direct Drive
If you are going for a direct drive approach, then the lesser the Vf the better, keep in mind that some of the best Vf on a LuxIII I have seen for sale on CPF was a H bin (which has a Vf of 3.03V - 3.27V). Here is a good page for further info, and is where the above info was retrieved from...
http://home.comcast.net/~theledguy/bin_codes/index.htm
Keep in mind there will most likely be a voltage sag/drop by the point it reaches the LED due to the internal resistances of the Maglight components (switch, spring, and housing). So even if you are using a alk batt, you will not be at the minimum Vf of the H bin LuxIII, including or excluding the internal resistances. It is quite the same for a NiMH batt since they top out around 1.2 - 1.4. Now others here, I am sure, have seen lower Vf binned LuxIII but I have not.
Circuit Boosted
If you are going for a circuit boosted approach, then many of the sandwiches at the sandwich shoppe or at TaskLED would help. Keep in mind a 2C is just a bigger minimag with longer runtime (due to C instead of AA). Once you have a circuit picked out then you still want the lowest Vf you can get (for the best light with the least amount of power needed... which will yeild a longer runtime.) Due to the K2 coming out and LEDs are becoming more competitive, you can get T??J and U??J for a great price and both give great results. Keep in mind the first letter is the flux or amount of light emitted
2)
Extras
UCL
Reflector
Heatsink
Batterys and Battery Adapters
3)
Work
Soldering
Assembly
Tweaking
Hope this helps, if nothing else maybe someone will come by to flame me for incorrect info and then post the correct info (just kidding everyone
Seriously though, CPF and everyone here will be glad to provide any and all input. They've helped me mod a few things without a second thought and without flaw or failure. (Thanks again everyone)
Sincerely,
Shaman