The circuit in a KL4 is purely boost, unlike the KL1 which is buck/boost. So don't ever load up more than 2 CR123. But less is ok and the KL4 circuit will operate down to (IIRC) 2V, which is pretty much dead for a CR123.
Lots of people hook up their KL4 head to a E1 body (1 CR123) and the configuration is called the TW4. Depending on the Luxeon lottery (one of the variables being the actual Vf of the LED in use) you can have a little disappointing to fairly impressive results. The runtime is naturally shorter, the LED is not in regulation for most of the run, and it starts out a little bit dimmer than if run on 2 CR123. But people do it because the size is now equivalent to a KL1 but way brighter.