KISLING
Your theory makes sense, and I agree that with 5 Watts their is lot of heat. The way we solved it by utilizing the whole light as a heat sinker, the reflector is 3 inch diameter and 3 inch deep and the wall thicknees is from .187 to .500 this mass is itself a considerable heatsinker, additionaly the head is also out of aluminum with .100 to .250 wall thicknees, as well the diodes are mounted on a round piece that is 1.340 dia. x 1.00 and the rest of the housing. If you calculating the volume You can see that the heat problem is taken care off.
As to the light is perfect culminated beam at 5500 Kelvin.
The power supply is a High - Discharge Ni-Mh 4,000 mA. The draw is about 2,400 mA. / h.
We have more than one working models and they are great.
The M-3 housing is altered to accept the LED module and as the whole housing is made of aluminum and the heavy reflector serves as a heat sinker.
They are great lights and time will proof it.
The informative Thread!!!