This is my experience with a standard MadMax, powering the sandwich up, external to the light, and dialing it down while watching to output.
I didn't notice any change in the output, and then all at once it is very low. I have seen other references to the pot being a kind of touchy with adjustments.
As far as dialing it down to Opalec-like output, it just seems wasteful to me. Like lowering a Hummer to 3 in., or putting a Pinto engine into a Viper.
Also, for me, 123 batteries and emergency lights don't go together, unless we're talking about different kinds of emergencies.
For instance, if there were a crippling earthquake here where I live, I wouldn't be able to get 123 batteries (They are still exotic & expensive. Typically only affordable online).
For emergencies, I stick to cells which I might be able to get in any convenience store. This narrows it down to AAA, AA, C & D.