:welcome:
3500 lumen, lets see. Presuming overdriven Cree Q5s at 300 lumen. The LED will be driven a bit more then 1.5 amp at that output, which is 50% more then the max recommended drive current. So that is 12 50% overdriven LEDs needed to hit that output, or around 15-16 normally driven ones. With an overdriven Seoul P7(so it hits 900 lumen), that's still 4 LEDs. That is a total of, humm, 3.6v * 1.5 amp * 12 LEDs = 64.8 watts of power(probably 45-65 watts, depending on LED). That's before losses by the driver. I don't think you need to do any calculations to see that there will be a lot of heat created. 45-65 is watt more then the 35 watt of the HID bulb, both before losses of the driver or ballast.
Also to have the same beam pattern as the Microfire, you'll need a good sized reflector for each LED. Also you'll need quite a few CR123 batteries to power the light. Overall, you'll get a light that is much larger, then the Microfire and costs more to run.
The Spear, DBS, A9 and other throwers are great thrower for their output, but they still pale in comparison to many of the HIDs(46500 lux from a 20w AElight Xenide, 35100 lux from a 10w Wolfeye Boxer, max of around 30000 lux from the Dereelight DBS).
Well
this and
this P7 light can both take CR123s.
As for staying cool, that usually mean larger amount of heatsinking, which means more metal, which means larger size and more weight, unless the light has the right fins.