Hi FLT MEDIC,
Many 4.8V "0.75A" flashlight bulbs have a lot of room for overdrive, and this has been demonstrated by numerous tests done by CPF members. Many bulbs that come in tactical flashlights do not often have much room for overdrive. Using the comparison of the lead-acid vs alkaline configuration does not confirm that a "3.0V" rechargeable lithium is going to be compatible with a CR123 powered incandescent flashlight.
A few things to consider:
The Difference between a typical "3.0V" rechargeable cell, and a "3.0V" CR123 is not just a few tenths of a volt. The rechargeable cell will operate in the ~3.4V diminishing to ~2.5V range through a discharge, the primary cell will immediately sag to 3.0V or less, and be operating at around 2.5V or within moments of activating the flashlight. Some people have reported success and others have reported failure using them... The difference in initial voltage can be quite substantial.
There are 2 different types of "3.0V" rechargeable li-ion cell on the market. One is a 3.7V LiCo cell that has a diode installed to cause a ~0.7V drop on the output. The other is a LiFePO4 chemistry cell. Both options have some major drawbacks in this size class. The manufactures maximum recommended discharge rate for most of these cells is 0.5A. On the voltage regulated cell it's fairly important not to venture too far beyond these manufacture recommendations, and most "tactical" bulbs are going to draw around 1.2A. LiFePO4 is also often sold with a manufactures maximum suggest discharge rate of around 0.5A, but technically speaking they can handle more than that without any major safety issues.. But runtime would be remarkably short, (maybe 15 minutes in the browning, if it doesn't insta-flash the bulb)...