IIRC, i had read about mcgizmo trying to open up the head on the L5 and it was a rea PITA to open up and do anytype of mod on it,
on the other had, the L6 head was like the U2, unscrew bezel and you have access to the emitter
i am trying to find this thread, its old but i have no luck with the search function
with the Lux III, you will have to shim it to be closer to the focal point of the Lux V, generally, with the McR27 reflector, for a Lux III it sits at the base, but with a Lux V, you have to increase the height of the reflector to properly focus the wider die area.
but right now you have to find out what type of circuit is in your L5, as there has been revisions and some are buck, some are boost and some are buck/boost.
the easies thing is if you can put in a downboy
on the note of throw or overall light, if you stick a Lux III in there, you would get a hotspot but not much sidespill, the larger die area of the Lux V gives it so much more light, you wouldnt be getting the same type of light from a Lux III than a Lux V
comparing a Lux III on a McR27 and a Lux V on a McR27, its a ball of light (Lux III) vs a wall of light (Lux V)
but however, as with many things, YMMV,
in the spirit of CPF, lets do this mod and see what we can achieve