Spyderco, sorry I went on and on there... I realize now that you were asking a specific question about the h/l ring and not needing a full explanation.
No, the full explanation was great, thank you.
I was especially intrigued that a 'higher low' might be more efficient. So perhaps a 20 lumen 'low' w/ 18650 vs the current 5lm may still have a very good runtime.
Is there any indication of whether 'low' of any level is regulated in the same way that the 'high' is? Or does the use of the resistor in low prevent it from having a regulated output?