If I had it I would LED it and pimp it, but thats the kind of thing I do. my advice to some people would be bin it, for the price of converting it you can buy something better from china (yes it wont have petzl reliability but neither will this once you mess with it).
If you mod it it will be a 'labour of love' (not sure if that translates as a saying: but basically, its not worth it other than for the satisfaction you get), so if you dont mind wasting hours and will find modding it fun then do it, otherwise bin in.
all that said Ive not looked and you might get a simple drop in conversion, so may be worth doing, but put more effort in you'll get more out, just dont expect the results to be proportional to the effort.
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