Check out the bottom link in my sig showing the effects of using a 30x15mm aspheric condenser lens from Surplus Shed in an older Lumapower M1 (I've been told the new "tactical" M1 does not work as it has a deeper reflector) -- it will outhrow a Malkoff 3D even though overall output is much lower (~700mA in a Cree, as opposed to 1A+ through a Seoul that is from a higher efficiency bin) I would love to see what someone could do with a specially engineered aspheric light -- possibly one that would use internal reflector to capture light emitted to the side and collimate it as part of the beam, as well.
In part, this has to do with the fact that bluer light is prone to getting scattered. Also, in the dark the rods of the eyes are particularly sensitive to blue light, so it is more of a nuisance than backscatter from yellowish incandescent light (this is why fog lights often have amber filters). Using warmer LED bins such as Cree WH, or Seoul SV0 will help in this respect.
I have found that a bigger factor however is the fact that most LEDs have brighter spill beams and weaker throw than incandescents of comparable overall output -- this is because LEDs emit most of their light into a hemisphere, or in the case of a Cree, a narrow cone, while Incandescents and HIDs emit lights in all directsion -- so a greater percentage of the light hits the reflector, and becomes part of the beam. That means with an LED you will be trying to see a target lit up with a weak beam, through a veil of bright backscatter created by the strong direct spill. (This is why vehicle fog lights are located as low to the ground and possible, and have shields to block direct spill)
I found this out because my M1 with a lens is much much less affected by fog than any of my other LEDs, even though the M1 actually has one of the coolest emitters in my whole collection.
I don't believe the Malkoff is the best choice to use with an aspheric lens because it uses a Seoul, which emits most of its light to the sides. Cree XR-Es generally give better results with lenses because most of their light is projected straight forward, so more light will be captured by the lens.
