In the past, I would occasionally use my Series II on batteries when using a wireless transmitter. My personal experience is that you'll experience very short battery life - I think I typically only got about 20-30 operational hours per set, so it's radically less than the 1000 hour sort of performance of EMGs or Bartolinis. Hey, that's the breaks! There's a lot more electronics in a Series bass and it's optimized for sound and performance with phantom power, not to be battery friendly!
A stock Alembic won't light the LEDs unless you're running off the power supply, but you do want to unplug from the 1/4 jack when you're not using it as that will switch off the battery power.
There must be a huge difference here between the Series operation off batteries and the other models, as I've never heard anybody complain about battery life with Distillates, Orions, Europas, Rogues, etc.
David Fung