If it's unregulated it might not do so well with a diminished voltage battery, especially with white leds. If they make a yellow-led version you might go for that instead. Typically they'd run those led's at 20-30 ma, which means maybe 70 ma total, about 1/5th of what a 1W Luxeon light would use. You would get some output trailing off over a long time.
Are these half-used 123's coming from a Surefire or something? I'd expect regulated LED lights do a good job of draining them. In particular your Micropuck-powered mini-light (do you have it yet?) should do real well on them.