I've used cut-down Ali torches in the past.
Which particular LED did you have in mind ?. To a certain extent this will dictate the optics you will use and in my experience, it isn't just about the Lumen count.
I made a 6 x XP-E light once, supposedly giving about 1100 lumens. I then put it up against a 3 x XR-E Q5 expected to give 675 lumens.
I had modified an optic to fit the Q5s and it really gave a fantastic output, the light punched well above its weight when compared against the 1100 lumen 6 x XP-E monster I had made.
Also, there are some very cheap lights about now, straight out of the box, that will save you the faff of making your own.
So you're only really gonna make your own light for the hell of it and depending on what facilities you have at your disposal, you may come up with something really nice.
Being armed with a lathe and a mill is a good start, ask Trout.
If you do go the self build route, good luck, and you'll not be short of advise on here and there is loads of info on the CPF, as posted by TJ.
Oh, and if you do self build, see Smudge for your batteries. Great prices, excellent product and fantastic service. His is a battery god.
🙂
Solo.