2 Pila 168s with any of the 9 volt Turbohead bulbs (N2, MN15, MN16), or you could get 2 of the A19 cell extenders and use 3 Pila 168s cells with the stock M4 bulbs.
I've fed my 12PM and M4's with plenty of 123As and certainly there were times when I felt they were quite expensive to run. However, the 12PM & M4 are long enough as it is - to make them longer seems crazy to me. If you were gaining output then perhaps but rechargeables aren't a free-lunch if you're having to burden yourself with a fourth leg!
There is a price for getting such high output from such a small flashlight - the price is buying SF123As and is one I pay gladly.
That's how I feel anyway for what its worth.