IMHO a better thermal design would be to direct mount the emitter onto a chunk of aluminum thats directly attached to the body tube.
Besides MC-E is hard to focus in small reflector. You'll get ugly doughnut hole...
Doesn't the Malkoff M60 use an optic, i.e. no reflector? A Malkoff M60 MC-E could have no doughnut hole should he decide to make such a thing.
But at 350ma/die dramatically increased efficiency. That numbers fairly arbitrary, I'd put money on wiring it 4p at 700ma (so c.175/die) still being brighter.At the same current but 2x more power. Twice the power, twice the heat. Besides MC-E is hard to focus in small reflector. You'll get ugly doughnut hole...
You can buy sku.18857 from DX - it has P60 MC-E module.