The very skilled repairmen I know in the UK are honest enough to say that the conversion to 1.5V isn't the most desirable as there would be still variations in the exposure over the range of Low to High light.
There is a paper here that explains and shows the small variations:
http://olympus.dementix.org/Hardware/PDFs/OM1DiodeVer2_1C.pdf
Besides that, what is wrong in using a proper battery like the Weinn-cell or a ZA675?
That's all I use in all my OM-1.
I was poking at a very competent repairman I know. As good as he is, he likes to exaggerate the extent of repairs.