if I were to replace the incan bulb with a 3mm white LED
Ummm - wrong color. 2 dry cells = 3.0 volts when fresh; less if they are NiCad or NiMH rechargeables. You need to boost that voltage for green & blue LEDs (white is really blue with a phosphor coating) A typical 3mm White LED operates best at about 3.6 - 4 volt with current between 20 and 30 ma. You could run it up to about 100 ma, but LED life will get very short. For a simple LED + resistor conversion,
let's look at an ultra bright yellow 3mm LED for an example:
Operating voltage from data sheet is 2.3v +/- .3v, with max continuous current 50ma and intermittent max current 150ma. Rather than explain the math here, just use any LED circuit calculator such as
this one or
this one. What you'll get in this case is to use about a 15 ohm resister in series with the LED. (Assuming you want to run near max rated continuous current 50ma at 2.3 volts - it calcs to 14 ohm, but 15ohm is a standard available value in a 10% tolerance resistor). You could get away with a standard 1/8 watt resistor or choose a 1/4 watt if you prefer. That will give you a very bright yellow LED conversion.
But check out several of the ready-made conversions as well. If you get one that is bulb-like, you can freely change back and forth between LED and incandescent.
Here is just one supplier's offerings (I have no affiliation with this company or any other in the business). Personally, I can vouch for the EverLED conversions, the Opalec NewBeam conversions (minimag only), and the TerraLux MiniStar2 (also minimag). But there are others, plus it is fairly common to buy an inexpensive white LED torch like a Dorcy and rip the LED/electronics package out to drop into a flashlight like your old buddy, mr. anglehead. IIRC (check with the folks at CPF), the Dorcy 1-AA can be driven by 2-AA also, and around here the Dorcy AA costs less than $6US (OTOH, it's smaller and only takes one AA cell... buy two, convert mr. anglehead with one, and have a small bright pocket torch with the other Dorcy).
If it was me... I like red lamps, so I would do a cheap and simple ultra-bright red LED conversion. 5mms usually have much more output than 3mm, all else remaining equal, but either would do. Or a yellow or an orange... you MIGHT be able to direct-drive a green with fresh batteries, but that's going to be disappointing in terms of output because they like more than 3 volts.
DiY math explanation:
http://www.theledlight.com/LED101.htmlHTH,
Tom