You'll be fine with that LED. You can purchase a Fraen Elliptical Beam Lens With Holder for it here.
When you assemble the holder, LED, and heat sink don't heat stake the legs as shown. This prevents replacing the LED with the next generation LED available in the future. Just use a little hot glue at the base of the legs at the heat sink to hold everything together. The hot glue is easily removed without damaging the holder and heat sink. You also don't need to make that special tooling shown!
I just upgraded the LED in my Fraen Elliptical Beam Lens With Holder with a Seoul Z-power U-BIN LED purchased from DX. I drive it from my tire driven dynamo through a bridge rectifier made from 4 1N5818 diodes. This upgrade more than doubled the light output from the Luxeon 1-watt LED I had been using in it. It's very bright, starts to illuminate at a slow walking speed IE: I can see where I am going as I push the bike up a very steep hill, and provides more light due to the Elliptical Beam pattern than a friends night rider system with batteries and a 5-watt halogen MR-11 bulb.