Shouldn't be a difficult mod. I've taken one apart several times. IIRC, it's just a 17mm driver, but the symptom makes me think that maybe it's not properly heat sinked? Some thermal compound might help. Take the pill apart, makes sure the emitter PCB is properly seated in the pill and has thermal compound or Fujik or something like that...
I'd swap the emitter out with either this on a 16mm board:
...or this on the 20mm board (I don't recall which size this light uses):
http://www.fasttech.com/products/0/10007033/2116102-cree-xp-e-620-630nm-red-led-emitter-on-20mm-base
Here's a discussion on drivers for these emitters: