A 17670 is only 3.7v, and 4.2v hot off the charger, but is sufficient to power the L4 at its brightest. You shouldn't notice any difference between the L4 on primaries and on a 17670. I'm not sure what kind of runtime you should be expecting, but I think it was around 40 minutes? Using a single 17670 (it's about the length of two primaries) you will not have any chance of mismatching batteries. It's a single cell, hence the 3.7v often associated to the Li-ion chemistry.
Lifetime of Li-ion batteries is rated in cycles, not years. A cycle is a full discharge and recharge of the cell, and Li-ions are generally rated to thousands of cycles. By the time they die on you, you'll have saved enough money to have made it worth your while.