After a little bit of studying I believe I have a way to do this conversion with only minimal nonsense, and a slightly more complicated way as well.

First, the easy way. I'm going to cut the original blade off just below the first pin after I get the clash sensor out.That way the black outer sheath can remain attached so there's no modifications needed. The original blade can be hollowed out and used as a blade with the luxeon then. The only issue with this plan is space, I havent yet gotten my aquamarine LED so I'm not sure if everything will fit due to the added complications of the locking system put into play with the removable blade, however, it seems quite possible.

The other possibility is to simply sand the emitter and put a regular blade in there, padding it out with some strong tape or something on the bottom so it will be held in properly.

Either way, the primary issue is whether there will be enough space for the LED, connector piece, and clash sensor while leaving enough space for the blade to be secure for battle.