I would just drop a 1W Nite-Ize PR flange LED "bulb" in it and call it a day. You'll get around three to four times the run time out of it with a bit more light than stock. It'll be your long runtime light. You can take this to the extremes by getting the dimmer half Watt version for almost tem times the run time out of two alkaline D cells. I'd actually be worried about cell leakage with this setup as it will drain the batteries down very low.
Alternatively, you can always follow the DIY path and roll your own. There are aftermarket heatsinks readily available and it's just a matter of choosing the appropriate driver, power source, LED, then putting it all together. There are plenty of write-ups in the Mods section for inspiration.
I like MagLites...always have, and I've tried both ways, and the PR based drop-in is the most hassle-free way to go, and equally as bright as my 3D Luxeon 3 Direct Drive mod.
Mods are nice, and fun; by the time you forget all the problems, and the soldering iron burns on your fingers heal, it will seem like a worthwhile experiment, but you will have spent enough for the parts and equipment to buy a really good light. Of course, when I did my modding, there weren't the choices in lights at affordable prices there are now.
My next "big" light is going to be a handier size, without giving up much brightness or run time... a 3C-cell of some flavor, either Mag with Terralux or NiteIze drop-in, or the Streamlight all LED Twin Task, or the Ray-O-Vac 3C light with 2 levels. But, that's just me.