The cells can handle the power. The emitter is still below max rating current. Biggest issue is anyplace in the light where there may be higher resistance is kicking out a lot of heat leading to possible problems. Small contact areas in switches, for example, might have issues.
Edit: I looked more into the cells and the discharge graph. Given their ability to maintain voltage at that current I would think there has to be some decent resistance in that circuit or you would be seeing even higher current. Resistance reducing mods like are more common in the incan subforum might up the drive current even more.