I don't know how friendly 2AAs are with Luxeon Vs, but the LED is rated at 6 volts, not three. Single CR123s are NOT very happy when you demand 700 milliamps to such a load as the Luxeon V - I've had an Arc LS mod accidentally turn itself on after being built, here's what happened:
The battery shifted when the light was set on a bookshelf, it turned on while I was on my way out back outside to take care of some stuff in the shop. I was there for about five minutes.
During this time, the light puttered along, cooking itself.
I came back, sat down at the desk, and started working on another board, and ask my friend, who was the one who set the light down, to hand it to me and let me take a look at it. Rather nervously he handed it to me, warm, and told me he had burned himself when he turned it off, that it had turned back on when we left.
Well. The first thing that was noticed was the UCL was lightly fogged and the reflector, an IMS 17mm, which is normally smooth, was now sputtered. The light was pressurized from the inside, air escaped when it was opened. The battery was taken out - it had ejected white goo, and was making audible noises. It was thrown outside in the thicker trash can, just to be safe. When the light was unscrewed, the reflector was taken off, and it was half-melted to the LED, lens, and heatsink. The lens was pretty well stuck to the O-Ring sealing the head. The dome of the LED peeled off of the phosphor layer of the LED, leaving a bubble in between the two parts.
In order for an LED to get damaged, it has to get hotter than 190 degrees farenheit. I can say with relative certainty that it was far hotter than that, given the extent of the damage.
This story isn't so much to dissuade you, but more to serve as a warning. A number of people have requested single celled builds for Luxeon Vs, and if they understand the risk and accept it, and are responsible enough to properly use the light so that nothing similar or worse than what happened to that one build happened to them, I've no problem building it for them. The point is simple: be careful when under driving LEDs at high currents.
To more directly answer your actual question, the Luxeon LED produces a fair amount of heat at 700mA. You'll need a fair amount of heatsinking if you want to run it for any reasonable amount of time, a 1.5" diameter aluminum rod some 3 inches tall, maybe with fins on it, should provide enough mass for you to be able to experiment with the LED for a good amount of time without it getting too hot to handle. Of course, the more area you have to dissipate the heat, the better.
Good luck.