You would definitely lose brightness, throw, it all to drop in number as the larger reflectors would not gain near the output lost by dropping LED numbers.
You would however increase runtime on that same battery pack!
If the head of the flashlight is not going to be any bigger to accommodate "12" LED's, I wouldn't go for the bigger ones if you want max brightness.
Sorry, this thread is semi highjacked, but it all ties in together and makes for interesting reading!
For a couple of hundred bucks, you can't beat the Oracle if your looking for a final product with tons of lumens!
Jumping to 50W with the L50 will be noticeable, but will cost you!