Hi zipster 223-
Such a mod is possible, but IMO not very practical. I believe the Raptor runs a 10W halogen. Maybe 5W is an option or you have an earlier version. It also has a reflector optimized for a high power incan and not for an LED.
Nite-Hawk also makes what I think are the first good/affordable LED bike headlights. Price starts at about what you paid for your Raptor. Besides LED reliability, you also loose the remote and heavy battery pack. They run on AA alkalines or NiMh with superior runtimes to your Raptor. You can use a standard AA recharger, throw a spare set in your bike bag, and be set.
A possibility would be to sell your current light and buy one of their LEDs. I think by the time you completed modding your Raptor it would be as expensive with unknown results going in.
Also, lots of people on CPF choose to mount a quick detach flashlight clamp and use any number of good incan or LED lights a bike headlamps. This also has the benefit of having a good flashlight to carry when you are off the bike.
Much easier to remove and carry when you have to park your bike and do not want to leave any type of expensive light for the taking.
If you decide to mod, I know there are experts here to guide you through.
Mark