When it comes to building your own quad emitter Mag, it's not necessarily the cost that should be the major factor here. As far as using "regular" batteries are concerned, I personally still consider using AAs in a batteries in that classification. Sure you have to use adapters, but the last time I checked, AAs are a "regular" battery.
I have built a few Tri-emitter 2D Mags using a pair of 3AA-to-1D adapters in them and they have worked fine. I agree that the Fivemega premium adapters are without a doubt the best out there, if budgeting is a factor than you might not want to spend the premium price for them. I just built a Tri-Luxeon K2 TFFC using a Modamag PTS2-D heatsink, 3 IMS20 reflectors and Shark converter (set at max) and a pair of Kaidomain 3AA-to-1D adapters. I think the total parts cost there was about $85 and I would think a quad emitter setup with similar parts that I used would be around $100.
Sure when you think about that, it's not that much cheaper than the $125 or so it'll cost you for the Elektrolumens MT-IV. But here are couple things to consider with going that route: 1. Because he is using a "cup" heatsink design, he can only fit 17mm reflectors in there...with the SSCP4 emitters he uses, 17mm reflector put out a really floody, short throwing beam (in my opinion). If you were to build your own quad emitter setup using SSCP4s (or K2 TFFC LEDS) and a Modamag heatsink, you could use 20mm reflectors which would give you a little more throw. 2. The MT-IV is direct drive. While some would argue that they think direct drive is better than having a regulator circuit, I for one am with the camp the believes in the contrary...just simply because I believe that regulation provides a flatter output curve as appose to the gradual drop that you'd get when running direct drive.
Don't get me wrong, I own an EL MT-III and I think it's an excellent product. Being a flashaholic, I feel compelled to buy and/or try as many different products out there. On the plus side, you will be able to use the actual battery configuration of the Mag using the EL MT drop-in, but if you want optimum performance, you'll have to invest in some D sized NiMH batteries.
If you do go the DIY route, there is alot of info and tutorials here at CPF on just how to accomplish that.