Your OFF(ish) solution sounds perfectly acceptable!
But here I start to reveal myself as an overly eager amateur - I've very limited experience in the driver department and only a vague idea of what I'm reading on Cree's sexy graphs. Math; scary!

Just thinking out loud here but...
Assuming XMLs all around... For the flood I imagine something along the lines of 600-800mA for the
low, perhaps 1000-1200mA or so as the
medium, and no more than 2000-2300mA for the
high. Perhaps the spot could start in
low at 900-1200mA, a
medium mode around 2200mA, and then have the absurd
high setting that isn't intended for prolonged use. These would still be in the weird order I listed previously in the table.
I suppose on a scale of '1 to 225' with '225' being 3Amps.... the spot's modes could go 1, 1, 90, 160, 215+ and the flood's could go 60, 170, 60, 110, 110. The flood could, if appropriate, be a lower output circuit with things moved up the 1-225 scale accordingly.
As far as figuring what kind of power I'd be using up with that setup... Combined current draw (not counting losses at the driver, etc. of course) would list out mode-for-mode (flood+spot) along the lines of 800mA+12mA, 2250mA+12mA, 800mA+1200mA, 1460mA+2140mA, 1460mA+2860mA... which makes my two combined modes drawing approximately 0.8A, 2.3A, 2A, 3.6A, and 4.3A together respectively.... and so I could perhaps expect something less than nine hours, three hours, three and a half hours, two hours, or one hour and forty five minutes of burn time from each respective mode on a set of (four parallel-wired mid-range) 2600mAh batteries. None of those current draws sound like they would overdraw the lithium-ion cells, I don't think I would find myself changing out old batteries any more often than i currently do while underground, and I think output will still easily top anything myself or my buddies are currently caving with (and isn't that what really matters?).

I have no clue if ANY of the above estimation/guesswork is anywhere near the mark, but I showed my work in hopes you or someone else catches any dumb mistakes. My brain hurts a little now actually.
For the record Cool White diodes are my (and my video camera's) preference, belt/pack length battery cable keeps my neck happy, I prefer oldschool blade mounts, and I don't need mode memory (back to dim each time I say!).
I was really hoping to spend less than $380 (new Stenlight kit price) getting one of these beauties running. I'm estimating I'll need to set aside $40 for eight quality batteries. I've already wired a four-cell balance plug to a cheap 4x18650 holder so I can charge them properly using my programmable hobby balance charger. How much might you imagine yourself charging for two such programmed P60 modules already installed? Do you have an estimate yet for what the side-socket will add to the cost? Expect $225 from me in the next few days just to reserve my host but then I'll have you wait to send it until the flood-socket is ready for it and if you can (affordably) do the P60s too then I can make an additional payment for those as well as the flood-socket. Either way I'm quite excited at the prospect of owning one of your lovely creations!