Go for it - I find it the ideal battery and ultimate in versatility for small single cell EDC lights.
The 14500 has ~20+% more capacity than a 16340/RCR123 rechargeable. A lithium L91 will have about the same watt hrs of energy, shelf life, and extreme temperature performance as a CR123, although the lower voltage means ~1/2 the max output (~40% perceived difference). However, you can bulk purchase 14505/CRAA lithium primaries for an equivalent to the CR123s. And you have the option of cheap, safe and widely available NiMh and Alkalines. From a more practical point of view, you might have standardization benefits if you use other AA devices. And in an emergency you can use AAAs and 9Vs (6xAAAA) in a AA light with those AAA>AA adapters (or just use $$ bills and tinfoil as spacers). Consider how many AA, AAA, and 9Vs are currently littering your home in other devices.
The list of lights that fully support both 0.9-4.2V is not huge, but it is growing. Just read the reviews to make sure the light doesn't go direct drive on Li-ions losing most or all of its lower modes.