I am attempting to design (with your help), single or multiple Infrared LED(s), lit by two AA sized batteries. I wish for this setup to be very bright, very efficient (85% or better) and have constant brightness with varying battery capacity down to 1.6 volts
So break this down in to separate pieces that can be researched and developed independently, then you can integrate all the parts together into your desired gadget. Have you identified the IR-LED that you think you want to use? How much voltage and current does it want when operating at your desired output brightness? Do your two AA cells have enough power capacity (mWH) to do that for 6 hours?
Have you identified a boost circuit to drive your IR-LED? How efficient is it? What does that mean for your desired 6-hour battery operation?
and to produce a single visible "spot" to be able to be picked up by a sensor no less than 15 feet away and at a very wide viewing angle.
Have you identified a sensor? How bright does your IR-LED need to be to meet your distance/angle requirements? Under what conditions does this need to operate? Running at night is very different than trying to compete with direct sunlight during the day.
Is the purpose of this exercise ILLUMINATION? Or is it DETECTION? You say "sensor" so that makes me think this is detection. If you had said "camera", then I would have thought you were talking about illumination.
Since you have not revealed what this project is supposed to DO, I question your requirement for continuous operation. Would intermittent flashing serve the same detection purpose without burning up so much battery power with continuous operation? Furthermore, if your IR is going to be competing with sunlight, you may need to modulate it anyway in order to select it out of the background radiation.
How bright do your "user interface" LEDs need to be? Are you expecting to be able to see them in direct sunlight? Will this be used only at night?
Can you use a some kind of passive phosphorescent device that is illuminated by the IR-LED to eliminate the "running" indicator LED?
Do your 2-4-6 hour indicators need to be lit the whole operating time? Or only for a few seconds after turn-on/time-selection?
For that matter, why do you need 3 separate LEDs? A single LED could flash once for 2 hours, twice for 4 hours, and 3 times for 6 hours, etc. Your fancy UI and your requirements for ultra-low power seem to be at odds with each other.
For that matter you could do the entire "UI" with a single visible LED. It comes on and indicates the selected operating time, and then goes off for the remainder of the operation, coming on again if the battery goes low, etc.
Your desire to do all this with discrete components seems both beyond your current abilities (likely more complex than you think), as well as quite outdated. Here in the 21st century it is trivial to do all that with a tiny microcontroller that costs <$1 While, even if you are lucky, a discrete component design will almost certainly draw more current than a low-power very small microcontroller.
Frys may or may not have all the components you need. Most of us don't have a Frys available locally and just use the internet to order whatever we need. I have even ordered components from Amazon that I couldn't find at Frys, Mouser, Digikey, or even Ebay!