I believe it is exactly the high Vf that is the limiting factor together with the cell capabilities to deliver high current at high voltage (guick discharge). Some CPF'ers have done some IMR discharge tests, and if you check (for example)
this thread and the graphs, you can see that at higher discharge rates, the voltage drops almost immediately below 3,75 volt line. Those tests are done at 5C-8C, which equals to some 8-12 minutes discharge time, still a lot longer than the expected run time of MBI HF. So, in HF, it should sag even faster.
You (or your lab team) is doing actual tests, but based on the numbers only, I would expect that it is a lot safer to direct drive Nichia than XM-L (probably even if XM-L has the 0,5 ohm resistor), and there would be less heat buildup, longer total runtime, it would stay within the specified values of the led, and it would be safer for the batteries. And - of course - it would emit considerably less light, too. Wouldn't be too surprised, if it could be used with no time limits at all.
Btw, I might have missed some info before, but if your batteries can be discharged even faster than IMR cells, I am curious to hear what is the chemistry behind them? I have been a bit cautious with lithium reghargeables, and before this purchase, I have only used high quality protected cells (AW and Redilast).