You CAN run a 5mm LED in direct drive in a MiniMag. However, two AA cells will run it quite dimly since white LEDs typically require 3.6 volts to operate at spec. Lithium AAs will make it a little brighter, but you'll still be running at only 3.4 volts on a fresh set. You CAN safely overdrive most white 5mm LEDs with three N cells for 4.5 volts, but you'll need either a conductive spacer to take up the extra space in the MM's body since 3 N cells are shorter than 2 AA cells, or you can run it with 2 N cells and 1 AAA cell which is pretty close to the length of 2 AA cells. This was how I modded my very first incan to LED...and I still have it, and it still works like a champ! I know they say not to mix battery types, but I've been running this same light with a combination of 2 N cells and 1 AAA cell in this light for over 3 years without a problem. You will need to bore out the reflector hole of the MM to accomodate the 5mm LED...and since it's a direct drive set-up, run-time is pretty impressive! You'll also have to file or Dremmel down the tabs on the LED's leads to make it fit in the bulb socket, but that's a simple operation. It makes a GREAT "stumble around the house at night light" with great run-time!
PJD