I just did one of mine using a leftover 1 watt low dome luxeon. It puts out more light than the 5mm, but it is also much cleaner as far as beam quality goes.
The low dome had a pronounced flood, so it was not noticably brighter than the stock 5mm. I added a 3/4 inch 1/2 acrylic ball from Tap plastics. They cost less an than a dollar. It's the same diameter as the bezel, so I simply set it on top of the lens and taped it in place with a thin strip of black elctrical tape. Now the beam is nicely focused, giving me a 3 inch wide spot at 6 inches from the wall and about 2 foot spot at 4 foot.
After playing with it a bit, I knocked out the reflector (it's a press fit, so you press it out from the inside using a vice, C-clamp or vice grips and a socket that rests only on the barrel) and Voila! no more artifacts at all.
The only alteration to the board was shorting the resistor.
To mount the lux, I soldered a brass washer to the silver collar, drilled a hole for the positive lead and stuck the lux to the washer with heatsink tape. It's pulling around 150 ma from the battery, so that should be 60-80 ma into the lux.
I soldered the negative from the circuit board to the collar, then the neg lead of the luxeon to the collar. Heat should not be a problem.
When I added a second AAA battery the current jumped to 500ma. I suspect that, after losses, it was running over 1 watt into the luxeon.
So there you have it. It looks ugly (because of the 1/2 ball) but works very well. A high dome would have worked better, I think. It's much brighter than my other AA or AAA lights. I think it may ride in my tool kit too.