check the catalogs from National, Maxim and Linear - they have programmable current adjustable voltage switch mode converters that should fit your needs.
One volt of headroom isn't much, even for a switcher - as AG suggests, you'll need to revise your battery voltage if you really want to drive your diode at 5v (seems kinda high). In the case of a switcher, three 3v batteries will give you more than enough room to get 5v, plus you won't be wasting all that extra voltage on heating linear regulators.