Just remember the voltage range of the battery.I'm trying to convert it to use my Milwaukee tool batteries, 21V max, 18V nominal.
At full charge, 5 x 4.2V = 21V
By the time it's discharged, it will be down to roughly 3.5V per cell so 17.5V total
With a simple LED + resistor circuit, that's a change of 3.5V, almost entirely across the resistor, which will give a very significant change in brightness.
That's why some form of converter is normally used, so you get a constant output voltage or constant current, regardless of battery voltage.