I assume the lamp in the SF M4 devastator is 12volt?
No, it's closer to ~9.8V (give or take).
could i run 4 TENERGY 3V RCR123's in it (after letting the TENERGY's voltage settle down to 3V each after charging) ?
Both the LiFePO4 and voltage regulated LiCo RCR123s, while *similar* to the behavior of CR123s, are not exact. The higher operating voltage will certainly increase your chances of an instaflash when the cells are full (even rested)... Even worse, you'll ONLY be able to run the MN60 LOLA lamp, the HOLA would be way to much demand, and even worse than that, you'll only be getting ~20 minutes runtime on the MN60, which is a real shame for a light that size in a rechargeable configuration...
would the lamp trigger the protection circuit in the batteries?
Depends on what Tenergy RCR123 3V cells you are referring to, and which lamp you try to run... But I'm going to assume the 900mAH rated LiCo versions of the cells, which *might* work on the MN60, but almost certainly would not on the MN61 (it would be really bad for the cells if it did)...
Here's what most places that sell these types of cells will tell you:
*For SureFire and other brands of incandescent(halogen, kyrpton, zenon, etc) flashlights under 7.2V we do not recommend this setup. We typically do NOT recommend these for any bulb flashlights - you use them at your own risk in these types of devices despite the voltage regulation at it takes the voltage regulation ~12 milliseconds to activate. *-BatteryJunction
asking the experts, because there is a M4 for sale locally.......
You're in a great position to put together a nice rechargeable M4, the position is, that you haven't bought an M4 yet
Buy a 2x18650 Leefbody with M head and C tail
Buy Either 2x quality protected 18650s or 2xIMR18650s (only from AW on the IMRs)
Snag a LumensFactory IMR-M3T to use as your Super-HOLA (best performance if used with IMR batteries in this case).
Pick up a KT4 "kit" it includes your shock isolated Turbohead, and an MN15 and MN16 bulb to play with.. (MN16 may instaflash on IMR18650s, warning!)
pick up a C compatible tailcap. I suggest a Z41 or equivalent if you can find one...
Eric