I have to agree with CM on the 700mA as being the magic number. I've been saying it for as long as I've modding. For whatever the last four or so months have been worth.
If you notice, most of my mods and custom builds have been running at 700mA. This is for a simple reason. 700mA, whether for a 1W or 3W is the best compromise among brightness, heat, and runtime. If you really think about it, going with 1A doesn't get you much. Even lumileds specs on that say you get in the neighborhood of 20 extra lumens by raising the current almost 50%. Comaparing lights side by side, you may see a difference, but in practical use, you'll never notice it.
In fact, I also have a couple of small lights that I turned out on my lathe and built using 3/4" reflectors. I'm driving these with BB500's. You'd be surprised at how much light a 1W puts out at 500mA. Especially in the dark.
If you really want to build a light that is more efficient or throws farther, build yourself something with a bigger reflector.
Just out of curiosity, I compare three lights. My modded KL4 running a Q3J at ~900mA, a KL2 modded with a 1.3" Carley reflector running a Q3J at 700mA and a PR basd light with a TWOK running at 700mA. The modded KL2 blew the socks off of the other two lights.
I suppose what I'm trying to say is that the design of the light (reflector size) has more of an affect on the performance than overdriving by 300 or so mA. Going over 1A will also be disappointing. I've tried it. The law of diminishing returns is a killer, especially with LED based lights. If you really want twice as bright, figure a way to shoe horn multiple LEDs and/or reflectors into the light.
Just my two cents worth.