Having played with LiIon AAs for a while, here's what I've observed: Fresh off the charger they're 4.2V, and I run them down to about 2.5V before recharging again. The LiIon AAs I have are rated 3.6V 630mAH, but I'm getting more like 750mAH out of them based on my direct drive runtime tests.
With an initial voltage of 4.1-4.2V you really need a regulator to avoid frying the Luxeons... I'd go for the AA to D adapter wired in parallel to extend the runtime, but again, you need a regulator, otherwise the Luxeon will just suck out as much juice as 3 parallel LiIon AAs can provide, which is nearly 2A.