GarageBoy, we're talking about AAA's, not AA's. 750 mAH is about the best you can do with AAA NiMH.
Ledy, a white LED needs about 3.6 volts and the dc-dc stepup converter in an Arc AAA is about 80% efficient, i.e. the energy going into the converter is 125% of the energy coming out. Since a NiMH cell is 1.2 volts, it needs a 3x stepup, times 125% is 375%. So to get 150 mA to the LED, you need 3.75*150 mA = 562 mA from the battery, approximately. That means runtime with 750 mAH should be an hour or a little longer (not a full 1.33 hours since the battery voltage does decrease a little as it drains).