^ what he said.
I recently threw an old Panasonic light away, with similar proportions, perhaps a bit smaller.
The reflector was not too bad, but indeed, positioning the LED is a challenge…
And so is cutting off the right amount of the base of the reflector.
It needed to have a new lens too, so i decided it wasn’t worth it.
But another thing about reflectors like this is that they’re very shallow compared to modern LED reflectors.
This would give a very wide spill, which can come in handy perhaps, but as a consequence much less % of the LED light will be reflected, because of its shallowness.
However, if you mod it into an LED light, the efficiency will be around 10 times higher than with a halogen bulb (10 Watt LED light = 100 Watt Halogen light)
But you need a heat path to the outside for an LED.
Halogen bulbs radiate their heat together with their light, but LEDs only radiate light, but they conduct the heat away through their thermal slug (soldered onto the LED board).
This heat then needs to be dissipated to the surrounding air, which is not a problem with aluminium flashlight bodies, but a challenge for plastic bodied lights.