I have an Eveready lantern that takes 4 AA cells. Currently I have NiMH cells in it. What is the group's opinion of using two 14500s and two dummy cells instead? Or should I try with only one 14500 and three dummies?
If you want to burn up your lantern you could but you need to realize 14500s are 4.2v off the charger which is equal to 3AA nimh cells off the charger so 2 14500s will be about the same as 6 nimh AAs. It may work off one 14500 but likely the voltage may be too low depends on the design of the lantern if if it LED with a buck circuit it may work ok.
Since AAs are typically 1.2-1.5v output 4 of them is 4.8 to 6v and 2 14500s is 8.4v way too much for devices designed for 6v.
Somebody needs to make a thin disk that you can put into a tailcap (replacing some spring space) that will reduce voltage from X down to selected AA voltages.
Some LED flashlights or lanterns can easily take some extra volts such as Surefire P2X which is designed for 5~6 volts (2xCR123A) but takes 8.4V (2x18650) easily and work for weeks or months without damage or mulfunction. My wall clock takes 2 Alkaline AA but I converted to single 18650 few years ago. It still works fine but needs recharge every few months.
I have no experience on mentioned lantern but it depends on circuit regulator maximum input. If it works fine and bright enough, go with single lithium-ion such as 14500, 14670, 18650 or 21700, whichever fits in but if not bright enough then go with 4 regulated 1.5V AAs like these.