I have next to zero knowledge about flashlight building, but from my experience with PC hardware, it looks like the biggest obstacle to cooling a flashlight is sinking the heat away from the emitters. CPUs, fets and other devices can have the coldplate of a heatsink directly applied. You obviously can’t put a coldplate on top of an LED emitter, and there doesn’t look like a good way to apply one unless you mounted it on the reverse side of the PCB.

If what I just said makes no sense, please forgive me.