I've done both of them... For runtime, there's absolutely NO comparison. The Craftsman Lux I bulb on 3 D cells will give 15-20 hours of very good brightness... like to maybe 50% brightness while the KPR103 bulb on 4 C cells will give maybe one hour... Actually, probably less than that to a measured 50% brightness level but an hour later, it will still be very usable and bright. Also, I wouldn't count on bulb life being much longer than two or three hours.
This is with a krypton bulb rather than a Xenon. Every time I've tried a 3 cell Mag or Radio Shack Xenon bulb on 4 fresh C or D cells, it flashed.
For overall brightness, the 3 cell Krypton bulb on 4 cells will absolutely be WAY brighter. It will be between the P60 and P61 lamps and probably closer to the P61.
For throw... it's hard to tell without measuring Lux because the incandescent is putting out so much total light, it kind of skews your perception. I'd have to assume throw is better with the incandescent as well.
The other issue is price... You can do the KPR mod for about $4 while the Craftsman light with the Lux bulb is back to $20, I believe.
Having said that, I think the Craftsman Lux bulb is a better all around mod. Other than color rendering and total output, I'd rather have the Craftsman bulb-modded Mag ANY day than the KPR mod. WAY better runtime and you're extremely unlikely to ever flash the Lux bulb and I almost assure you you'll kill the KPR bulb in the first four hours of playing with it.