This is something I'm seriously considering. Some of the housing for the light source will probably be something like EVA foam, so heat is a concern. As I understand it, LEDs use less power and are more efficient, so less energy is wasted through loss as heat: sounds like a win-win to me. I'm currently also looking to see if I can feasibly use a laser diode to produce a light beam effect, but that's all still up in the air at the moment; it's all about what I can feasibly power with a hand cranked generator.