Hello hooked113,
Almost all of the decent 200-300 lumen LED modules out there are going to run right around 4W of power consumption. 3 CR123s is going to put you right around 11 watt-hours of stored energy, so most won't run over 3 hours in regulation, but most will run something like 2.5 hours in regulation (worst case on good quality cells) and probably well over 3 hours if you count some diminishing output.
Most here would probably recommend checking out the MalkOff line of LED drop-ins as they are made with pride in the USA and are proven performers. If runtime is more important to you, MalkOff offers lower output variations of the modules that will dramatically increase runtime (sub-200 lumen, but still plenty of light for most tasks and still brighter than most ordinary flashlights by a long shot).
-Eric