Umm, a 14500 has less energy than one high capacity NiMH, and the D20 gets much longer runtimes at similar brightness levels.
Nope. You can't just compare the ampere hours rating when the voltage is so different. To a good approximation, Energy content = ampere hours * rated voltage.
Do the math - I did just the other week. I haven't the exact numbers, but I used some common good ampere-hours ratings for nimh and 14500. I do remember my conclusion, though: With my numbers, the 14500 would have 17% higher watt hours capacity than nimh. From the top of my head, - a single 14500 should then have something close to 60% of the capacity of TWO nimh AA batteries... which means that if the 14500 runs for 3 hours, the 2*AA should run for 5 hours...
As always, take my back-of-the-envelope estimates with some grain of salt.
So, take your pick... Longer run time (2*AA) versus smaller (1*14500).