The interaction of the cells, resistor, and LED are slightly more complex, and in your favor, than you might at first think.
Please consider first to throw away that particularly poor bin and pick up something like a WXOS or WXOT from photonfanatic. He often has something like this.
Now that you have a reasonably bright, reasonably low Vf LED, drive it down a bit lower. Hook up the LED to a heat sink and power supply, and run it in for 24 - 48 hours at 700ma. If it behaves "normally", the Vf will drop well into the "S" range, making it nice and efficient to drive with a 2 cell Li Ion setup.
What you will find when using the LED, a 2 ohm resistor, and a pair of LiIon cells are a couple of interesting things
- There are VERY few drivers that can operate on such a low differential between battery voltage and Vf.
- There are VERY few drivers that can match the efficiency of this setup
- As the battery voltage drops, the LED Vf will drop also, as its Vf is not a constant, but a curve of the opposite shape of the battery discharge. In addition, there is a negative relationship between temperature and light output.
What this all means in the end, is that you will find it very hard to notice (by eye) a brightness change over a substantial part of the battery discharge - AND, it will keep running down to voltages that are substantially less than the "rated" Vf. - something very difficult for a driver.
I am not slamming drivers, I have some lights with them, but it is really amazing how far you can go with a correctly designed and matched LED and battery set.
If Photon Fanatic does not have any WXOS or similar LEDs, I have a few spares I can sell to you, but please check with him first.