I think that your suggested drop in would made to wide corona , + you have to connect thermally drop-in with enclosure
(I have many similar reflectors at home )
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sorry for driver error ,that would be better . Now you have to decide which led you would drive (cree needs 3,8V*3A =11,4W + driver )
CREE XML-U2 (I think that it is ideal for replacement ) then (have to order 3A good is low profile 8 mm )
http://pcb-components.de/index.php?...category_id=6&option=com_virtuemart&Itemid=64
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or SST-50 (need bigger pack , could be driven over 5A but also have more bright light) in that case (sst needs 3,8V*5A = 19W +driver( - double HID consumption )
http://www.taskled.com/techh6cc.shtml ( thats needs at least 8V-12V and Ah ) )
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Maybe in that row is also time to switch NiMh with stronger Lithium pack with 2S - 7,4V (or 2S2P)
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PS :
how thick are walls of your lighthead (you need 1,57''-1,4''= 0,17'' (4,318 mm on diameter ) what mean 2,15 mm on radius
I'm sure you could put lighthead in lathe and take inside 1,6 mm and also reflector 0,50mm (or some other ratio ) ; (0,5 space for
tight fit)