Your biggest problem is that the body is plastic, which will limit the amount of power you could run before the LED overheated. But conceptually it would be pretty "simple" to solder or arctic-alumina some pieces of metal together (Cylinder and disk) to duplicate the plastic bulb holder. LED on a 10mm star on the front, and appropriate driver on the back and you are good to go. I don't expect the beam would be too great without a lot of fiddling. There are a lot of technical details involved in LED and driver selection so that they play well together, and with the batteries, and with the plastic host.