In my mag with a 1111 2x18650 AW protected it draws 3680mA so call it 28 mins of run time. Might draw more or less mA with the IMR's (I am waiting on mine to arrive)
As far as lumen, yes you charge the batteries to 4.2V ea so 8.4, but under the 3.5A draw they will sag down to 7.4 or 7.2 I...