Yes I have done this and it works fine. Seems that the light output is reduced, maybe closer to 30 lumens instead of 45. Not sure exactly when the light output begins dropping off, but after 1 hour and 30 min it still was putting out a diminished amount of light. The KL1 head I have lasts for about 30 min and then just goes out.
Edit:
I do recall the beam flickering a bit after around 45min or so. It would flicker for a while and then stop. The KX2 head is optimized for 6 volts, so running it on 3.7 volts would seem to be close to the edge of its range. I do think the KX2 head is the best option though since you have the ability to use it in a one cell configuration if desired.
I've got a KX2 on a Fivemega 18500 body. I haven't done any run tests on it yet, but it seems petty close in output with 2 CR123's vs. 1 - 18500. My observations are based on my uncalibrated Mark 1 (eyeball). If you don't mind a little extra length the Fivemega 18500 body and switch for $30 in Custom & Mod B/S/T is a great deal. :twothumbs