I agree that the 2C size is very nice. An LED 2C Mag mod turns the light into a sort of Mag version of the SureFire 12PM/ZM. They are very similar in size.
My 2C Mag mod is based on a BBNG1000 driving a Seoul P4 U2-bin LED. However, if you can fit IMR26500 cells in the old version C Mag, then I would consider using an SOB1000 to drive the P4. The P4 focuses very nicely using the stock Mag reflector, so you can save money by not buying a new reflector. You'll get very good throw with the large Mag head and smooth reflector. I would get a Borofloat glass window though.
Using 2xIMR26500, you should get a tail current draw of about 0.5A, giving you a calculated run time of around 4-5 hrs.
If you are willing to spend some extra money, you can use a Seoul P7 DxxxI-bin LED instead of the P4, still driving the LED with the SOB1000. You'll get possibly 100 lumens more out the front vs the P4, as well as about 10% lower power draw (and thus longer run time and even less heat generation). The downside is that the P7 won't have the throw of the P4. If you want more output from the P7, then you can substitute a high-powered driver for the SOB1000, such as the Shark Buck 2A or 3A.