craftsman LED - potential?

Before I became a flashaholic the craftsman 4xAA incan always impressed me. It was far brighter than my other flashlights, and had a battery indicator. Recently I decided to check up on the light, and, not surprisingly, the new model uses an LED. But here's the surprise - it has the same setup as the lunasol! That is, a center LED for power, and three outer nichias for runtime, and a high using both.

Unfortunately, the high isn't very high - 20hr runtime? But I'm thinking, what would we get if we replaced the 1w luxeon with a CREE Q5? The high VF may increase the output even more, at a bit of runtime sacrafice (those who know about this, correct me if I am wrong).

I don't have this light, but I think I see quite a bit of potential. Anybody have this? Anybody want to try the mod? Any thoughts?