Hi Lynx,
Unfortunately, no.
A boost or buck circuit's efficiency is simply the measure of the amount of power which is NOT lost as heat in the circuit while being converted to the required output power.
---------------[BEGIN THEORY]------------------
Assume that you want 350mA to an LED which has a Vf of 3.5v, and you are using a power source which can provide a steady 3 volts. A boost circuit which can only operate between 2.9v and 3.1v and draws only 408.3mA would be a 100% efficient circuit.
Why? Becuase:
P(out)/P(in) = 1 or:
(3.5v * 0.35A) / (3v * 0.4083A) = 1
It matters not that the circuit stops operating below 2.9v or above 3.1v. It does mean that any such circuit would not be the best candidate for a flashlight, but the circuit is still 100% efficient at converting 3v into 3.5v at 350mA.
The crux of efficiency is that all that matters is how much power is retained when the conversion is done. To determine this, you must measure only four things while the circuit is operating:
1. Input voltage
2. Input current
3. Output voltage
4. Output current
The deal is, that it is impossible for a boost or buck circuit to be 100% efficient. There will always be some losses since the components require electriciy to operate. This operational overhead is converted directly into heat by the components. So efficiency of a circuit is a measure of how much of the source power is NOT converted into heat by the circuit.
Again, let me emphasize that a circuit's ability to fully deplete a battery has absolutely nothing to do with the efficiency of the circuit.
------------[END THEORY]---------------
------------[BEGIN PRACTICE]------------
In practice, circuit efficiency is an elusive beast. The measurements must be taken and they must be taken correctly. One cannot assume that since your circuit is designed to output 350mA and the Lux is binned with a Vf of 3.5v that the output current is 350mA or that the output voltage is 3.5v.
The reality is that the circuit may not be very well regulated, and may be putting out more or less than 350mA. Furthermore, the Luxeon datasheets specify a range of Vf for a given bin at a given current. Each individual LED will have a slightly different Vf at a given current and a single LED will have a different Vf at different currents.
So a circuit which is designed to output 350mA through a Luxeon with a Vf bin in the 3.5v range may well be outputting 355mA at 3.4v through that LED.
Furthermore, you cannot assume that a 3v battery, like a CR123A, or a 1.5v battery, like a AA is actually delivering 3v or 1.5v while the circuit is powered. Batteries have a tendancy towards a drop in voltage while under load. So an alkaline AA delivering 10mA of current may well deliver 1.5v, but that same battery delivering 1A of current is likely to have a voltage much lower. Possibly as low as 1 - 1.2v instead of the assumed 1.5v.
Furthermore, a circuit which is 90% efficient when powered by 3v may only be 70% efficient when powered by only 1.5v. In these cases, to measure true efficiency over the life of the battery, you must take multiple measurements and take an average of the efficiencies.
To complicate matters further, measuring current in a pulsed current application can be problematic. Most all boost and buck converters draw current from a battery in pulses and deliver it to the output in pulses as well. These pulses are generally very fast. This confuses most multimeters which are unable to properly read and average those pulses. To correct this, it is customary to insert a very low value resistor in series with the input and output, then measure the voltage across that resistor. You then use ohms law (V=IR, or I=V/R) to determine the actual current.
------------[END PRACTICE]---------------
-----------[BEGIN "WHAT DOES IT ALL MEAN"]------------
So what does all this mean?
Basically, as MrAl pointed out, circuit efficiency is a tool that we can use to determine how much energy is being wasted as heat before it ever reaches the LED.
There are factors other than circuit efficency which we must use to determine whether a given light is good or not. The operating range of the circuit is one other factor, as is the LED used, heatsinking of the LED, the optics used to collimate the beam, and the list goes on.
However, circuit efficiency does not measure these things. It does not measure how much light, or how much more light a given circuit will provide. It simply measures how much battery power is wasted before it reaches the LED.
----------[END RANT]-----------
pb