A simple Schottky might be a very reasonable solution to silver oxide or alkaline cells in place of the old mercury cells (long lasting) or zinc-air (correct voltage, but short-lived due to electrolyte drying out). I would probably avoid alkaline, because their voltage drops rather linearly with cell life, vs. mercury and silver oxide cells that have near-constant voltage over 85-90% of their capacity life. The adapter I purchased, to replace a PX640 was $30, including two replacement cells, and the seller threw in the other adapter (replaces 2xPX625) and one or two tiny cells for it). These run on lithium primary cells, nominally 3V, so a simple Schottky probably isn't the right thing, at least for the PX640 replacement (and I doubt he's using half a dozen Schottky diodes in there).
I don't know for sure, but he might be using regulator chips made to go in lithium rechargeable cells (similar to 18650) that will replace a single AA alkaline. You can buy these cells with the regulator factory-installed (inside the standard size case), with combined voltage regulation to 1.4V or so, short circuit protection (current limiting, or a simple fuse -- I don't know which), and a either bypass for charging with a lithium-aware charger, or a buck converter to make 1.6V charge power into 4V to charge the lithium cell (and manage the charge as well -- plenty of room on even a pretty tiny chip, as long as nothing dissipates much power).