Going another step further, you can also save display current if you add a circuit to flash the display briefly, and keep it blinking for a while. If the "on" time is 20mS, and the "off" time is 480mS, the display will brightly flash twice per second and use an average of only 1/20th of the current. Use a big capacitor across the battery to smooth its voltage.
If you want to stay with using an LED display, instead of a low-power LCD one, choose a modern LED display that is ultra-bright and reduce its current.