AFAIK the cree's Vf vs current doesn't rise up like a luxeon, so just a few more milivolts could mean tons more current. So you really need a convertor. I'd at least start with a resistor of decent value, measure current drawn on a fresh hot off the charger cell (4.2v) and go from there until you get desired current. That way when throwing a fresh cell on there it won't nuke it. It will dim down as the cell settles, but at lest the led will be safe.