Will ministar 2 work with li-ion?

I am wondering if my terralux ministar 2 will run O.K on a 14500 li-ion battery, or if the LED will fry. This is a 1 watt luxeon, and the instructions indicated a max voltage of 3.5 V. Has anyone tried this? I figure if someone else has had success, I will risk the ministar's longevity to try it out myself.

If this will not work, would I be able to swap the 1 watt emitter on the ministar for a 3 watt emitter, or will there be any problems (e.g. are 1 watt and 3 watt emitters the same size)?.

Thanks in advance.
-Brad