Yes, but that's the beauty of it!
It is made for throw. If you swap the Luxeon for the P4, and add an M1 reflector you DO get the throw of the original striker as you said, and the beam characteristics of the M1 which are more "compatible" with what some people prefer.
However this is the exact same thing that a stock M1 does (and I quote from flashlightreviews.com) :
Original Striker:
Level Throw Overall Output
123A High 6850 (82.76) 6200 (62.00)
Lumapower M1:
Level Throw Overall Output
123A High 7050 (83.94) 8300 (83.00)
As far as the extra settings go, I own the striker, and use it plenty, and *personally* I don't use any other levels except from the "High" (default when on), and the lowest one. I appreciate that other people might, as could I if I was in a situation that I needed such fine-grain output differences, but as far as I know the majority of people don't.
Also as you said the the M1 has awesome runtime with 18650 batteries, which just adds one more advantage against doing this mod. The advantage that the striker brings to the table against the M1's runtime and "nicer" beam profile, is its optimization for throw, and this was taken away!
The striker is a very specialised light, take away that specialization and you make it blunt and with disadvantages that it now has anything to provide against... The analogy that comes into my mind is modding a Ferrari (pretty much optimized for on-road driving/cornering) to go on tractor duty in a field. Add the extra cost on top of that, and I was wondering about how cost-effective such a mod is.
Just my thoughts
Btw, congratulations to taiji on a successful mod and a job well done. I'm not in any way expressing any negativity on the mod, just trying to understand what was the objective/advantages of the mod!
