M_Boats: L.E.D. "Retrofit"

After reading about Bill's Ankerlight (excellent link, Bill, thanks for sharing), I started wondering: Could the portable "dinghy nav lights", such as those previously available through West Marine by Aqua Signal (and now available through West Marine in some brand I don't recognize), be retrofit with L.E.D. bulbs? These AA-battery powered dinghy nav lights with mounting bracket options are good backups . . . But the standard bulbs go through batteries quickly.