Hi Ryan,
Welcome to CPF!
Theoretically it is possible to get more than 50 lumens out of a single 123 cell and an incandescent bulb. Practically, I don’t know how to do it. The problem is in finding the right bulb.
A SureFire 123 cell will feed 2.5 amps into an incandescent bulb for about 20 minutes. In fact, the M3 HOLA operates at this current level. The voltage supplied by the three 123s in the SF M3 is 6.8 volts, slowly dropping during the run. This performance can be extended conceptually and reveals that a single cell can supply about 2.26 volts at 2.5 amps.
That’s 5.5 watts into the bulb. I have run Welch Allyn Bulbs at 15 lumens/watt. If WA (or anyone, for that matter) made the bulb needed, we’d have an easy 80 lumen light. But, alas, 2.2 volt bulbs are hard to find, especially with current capacities of 2.5 amps.
It appears to me that the XML is coming close with their 50 lumen light. However, I would seriously question the validity of their 50 lumen claim. I don’t know how realistic Springfield is in their statements, but I know that some manufacturers exaggerate.
You could ask Springfield what the run time of their light is. To get 50 lumens, I would estimate that they would need a configuration feeding about 1.3 amps and 2.6 volts to the bulb. The run time at that current would be about 50 to 60 minutes. If they say it will run much longer than that (say 90 to 120 minutes) I would be suspicious of their 50 lumen claim.
Paul