LOL. Love the thread title. Mags are physically tough, but they are also a bit tougher to modify. If you are handy at working with copper, you can easily make a copper disk that can rest on the ledge in there and hold new led emitter and reflector (The original ican reflector will not work well with an led).
Here is a cheap easy mod that pretty cool. Not a barn burner, but much more light than the original light. You will probably need to put a spacer in place of one of your cells to bring the voltage down.