The light can easily handle the voltage; if anything, the higher voltage helps with any resistance problems the switch might have.
While most of the older RayOVacs use a PR bulb, something about that reflector picture makes me think it may be a screw-in. Even if it is, you can get some very powerful screw-in type upgraded bulbs from
Reflectalite. You can use their 6 volt halogen bulbs with 2 cells but not 3. How high of a wattage you can go will depend on whether the RayOVac reflector is all metal or plastic with only a metal collar for the ground circuit.
edit:
After looking at the picture some more I've decided that I can see the familiar split in the tab common to a PR type bulb. If that's the case and the reflector is plastic, which they almost always are, I think either the Carley CL-808p or Carley CL-809p would be the brightest options that would work well with 3 cells and wouldn't melt the reflector.
-they're listed under "available potted bulbs"
http://www.cpfmarketplace.com/mp/sh...twire-Bulb-amp-Reflector-Sales-Thread-(part-4