It should not, as long as your voltage is well within the specified range where the output is regulated (and if the voltage is falling too low with these combinations, your batteries are completely empty!)
I use both the one 18650 and the one RCR123 cell with my WE 170 Lumens 3.7 - 6 Volts drop-in, and I am very satisfied with it.
I also use the two-stage Mc2E switch, 22 Ohms, for a low and a high output mode.
These are my two different lights with the WE:
(the one RCR123 cell light with Lumens Factory 3.7-6 Volts 170 Lumens drop-in to the left on the last photo!)