The LEDs are rated and tested for lumen output at a given current (say 350ma), not at a give vf. So, for a U bin LED, the output will be fixed at 91-118 lumens regarless of what the vf is (can be high or low).
The vf will effect the total power consumed (converted to heat), and will effect the efficiency, in lumens per watt, but Not total lumens per Amp.
If you have a high vf you will produce more heat, which will likely reduce output as it heats up in most situation (typical heat sinks).
Yes, I agree totally that a lower vf is very good!!
I am most concerned with efficiency (caving lights) so a low vf is great (more lumens per watt).
And a low vf can also be good because if it is low enough, you can use a down converter (buck) for your regulator, which is more efficient that a combo buck/boost converter needed for a high vf (if running off a single lithium cell, which I am doing).
-BPH