300hr runtime is for the most efficient flashing mode (which ever one give the LED's the most off time). Full on is listed as 4.5hr for the current Hotshot 2W USB. Easy to get 300hr run time when you are only flashing the LED's, especially when some 5mm LED's ones are getting a lot more live time than the 2W banger.
2W LED's range between approximately 2.2 and 3.4V, IIRC. A sub 3V LED would save them from making a boost circuit, so maybe they saved a penny.
Most LED design efficiency comes in selecting a battery that maintains a flat discharge voltage for most of a cycle not too far above the max voltage required to drive the LED at the desired max current while taking into account voltage losses that will occur in your driver circuit. Many regulating circuit packages are close enough to each other in efficiencies as to not matter, you're primarily dealing with selecting function vs cost.
The cost of building a discrete component LED driver circuit does not pay off, so you must do it for fun, with no expectation. The reality of an IC chip is that it is made up of all those same discrete electronic components you mentioned... resistors, capacitors, inductors, transistors, etc. However, it was designed by people that know the crap out of electronic design, and will be more efficient than discrete components, even if you could mimic the internal layout.
They've already got a lot of tech in those itty-bitty high power blinkers, the typical 4-6 hours of runtime on full on blind mode is amazing considering the size of the batteries, and being USB rechargeable is just sweet, sweet icing. If you want to fiddle with rear lighting, I would suggest building from scratch a system that illuminates well in a 180º or greater arc. Cygo, Niterider, et. al. have a good bead on the approaching from behind issue dealt with by the rear blinkies. If you really want to fiddle with the cygo... I would shoot for uprading the LED to a more efficient 2W'er if available, and/or attaching an additional battery for extended run time.
Good luck!