Just for the record, it is highly highly unlikely that the LED is as bright as it says it is. Dealextreme is notorious for that.
This. I haven't heard of anyone replacing a projector bulb with an LED and getting similar performance. You can do it, but it won't be nearly as bright.
There are other bulbs you can convert it to use, there's one that the DIY projector guys love because it lasts longer than the usual projector bulbs, is cheaper, and I think is more efficient (I just can't remember the name off the top of my head).