I'm not 100% sure about the behavior of the malkoff drop-in...
but, I can make guesstimated guesses!.... (here goes...)
it's rated to run 90+ minutes on 2xCR123s.
On 3 CR123s I would expect around or at least 140+ minutes runtime.
On a regulated device like this, when you apply a higher input voltage, the device automatically reduces current draw to compensate, the result in runtime gains is coming from 2 aspects:
1. You are gaining 50% overall power available by adding a 3rd cell.
2. You are reducing the load on the cells while in operation, so they can deliver more of their available power to the module and not be wasted as heat within the cell.
As a rough estimate, you could say that when you run the M60 on 2 cells, each cell delivers about 3.4 watt/hours of "juice." When you bump it up to 3 cells, the reduced load means that each cell may deliver closer to 3.6 watt/hours of juice. (just examples, this is not specific to any cell I am thinking of)..
So... with the example above:
2 cells deliver 6.8 watt/hours of power.
3 cells deliver 10.8 watt/hours of power.
So not only are you gaining runtime going to the 3 cell configuration, you are squeezing more power out of each cell, which means you are saving $$$....
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but IMO, a pair of 17500s is the way to go if you plan on using it regularly