should work as your not changing any of the seals or anything on the light itself, if you have a look at Dive Lighting - CandlePowerForums
these guys are modding everything you can imagine into led, they are using CREE led's too which as a lot lot brighter (cree led's are used in the Led Lenser torches and other stupidly bright torches).
I have also converted an SL4 to SL3 LED for £1.
The original 3x AAA battery holder makes a perfect C-Cell spacer.
With a bit of filing and soldering, the LED head fits in the top of the SL4 body and makes good contact.
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