Are you building a pointer or labby?
The LM317 are perfect for labbies. (actually, in a labbie I'd use the LM350 because it's rated up to 3A) They are good for pointers too but I think the biggiest drawback is that it can be difficult to find a host to fit the completed driver.
The LM317 has a reference voltage of 1.25V but once you add a resistor, diode, and cap, you are looking at about 2.5V--3.0V as reference. So your host would need to be able to hold enough batteries to supply enough voltage for the diode and the reference voltage which is about 8V. A host that holds 2 Li Ions would most likely be OK. 2 Li Ions charged up is about 8.4V. That doesn't give much run time once you put a load on them. Just my honest opinion. :yh: