I have two A serial number P4 U2 lights and neither can fit an 18650. They would have to be bored out to fit 18mm diam cells. They barely fit 17mm cells (hard to get the AW17670 cell out again). Regardless, my measurements suggest that if you try to run a stock P4 U2 with 1x17670 or 1x18650, you won't get close to full output. I estimate that you need about 4.5V input to reach full regulation in Max mode for the U2. At 3.7V nominal of a Li-ion, you might be delivering 0.3A drive current to the LED. So I'm not sure why folks are paying a premium for something that gives them less performance, unless they use them in an old boost version Lux V U2 with a 2S2P MC-E transplant or they mod the P4 U2 with a low Vf XM-L. But don't the old Lux V U2s already have a tube that can take an 18650?
With a P4 U2, it is probably easier and cheaper to use 2x16340 if you want rechargeable cells. The total energy content isn't great, but it's not terribly bad -- 7.4V*0.5Ah = 3.7Wh. That's probably good for about an hour run time on Max. An 18650 could have (give or take) 3.7V*2.5Ah = 9.3Wh, or a factor of about 2.5X greater than for 2x16340.