Assuming the old L4 uses a boost driver to run a Lux V, swapping in a low Vf XP-G probably isn't going to work out very well. For 1xLi-ion, your Vin is probably going to be greater than Vf, and the driver will be in direct drive for most of the run time of the Li-ion.
The old boost-driven L4 is probably a better match for a 2S2P MC-E. I need to test my old KL4 with MC-E mod on a bench power supply in terms of input voltage for running in regulation. However, I definitely get lots of lumens out using 1x17670. I measured about 630mA drive for one KL4 and 660mA for another. That's over 300mA drive per core for the MC-E, which translates to close to 400 emitter lumens for an M bin.
I assume that the new L4 uses a buck driver to run a Seoul P4. That is probably a better match for an XP-G, as long as the drive current in full regulation makes it worthwhile. I'd probably would want something around 700mA or 800mA min, or else the lumens increase would hardly be worth the effort.
I wouldn't bother with 1x123A. The input voltage is most likely going to be too low to run in full regulation, and you will probably get undesirably low drive current.
Whether the new L4 mod'ed with an XP-G is a good match for 1xLi-ion is a hard question to answer definitively. It depends on the drive current, the XP-G's Vf, the battery voltage sag under load, and the resultant driver input voltage needed for full regulation. And you aren't going to find that info anywhere, unless someone here on CPF has mod'ed a new L4 with an XP-G and has characterized the driver performance.
If you need 4.2V input to reach full regulation, then 1xLi-ion isn't going to run your light in full regulation for very long. If you need 3.9V, then you are getting somewhere. The challenge is finding the data to inform your decisionmaking.
Now if 2x123A is ok, then there is little question that an XP-G mod would run in full regulation.
I recently mod'ed a new version SF U2A (Seoul P4 LED) with an XP-G R4. The voltage to run in full regulation dropped from about 4.5V to 4.0V, making 1x17670 moderately reasonable. Drive current was about 915mA.
I'd love to run with 2xLi-ion but don't know if the driver can take the voltage and I don't want to risk frying it. I'm not going to find a multimode driver replacement on DX with Hall effect sensors.