The data sheet for that LED shows it has a typical Vf of 3.15V at 2.1A. The AMC7135 has a dropout voltage around 0.15V. Add those together and you 3.3V. This is the battery voltage needed to get the LED to run at 2.1A.
Most LiIon battery discharge curves show the cells holding above 3.3V until they are nearly completely discharged.
The discharge curve is the voltage of the cell vs. time as it is being discharged. It depends a lot on how much current you are drawing. This is often measured in factors of "C", with C being the current that would discharge the cell in one hour. So for a 2.6AH cell, C is 2.6A. Often you'll see multiple curves on a single graph, representing different c-rates. Since you are looking for 3 hour burn time, you want a discharge rate of C/3 or a little less. This is good, as the cell voltage is higher for longer at lower rates.
What all this means is that a Cree XP-L, a '7135-based driver, and a "3.7V" battery pack are a pretty good combination. You'd get respectable efficiency, constant light output until the battery is nearly discharged, followed by a period of diminishing light as the battery approaches full discharge. Since diminishing light means diminishing current, this period can last a remarkably long time, if you can live with seriously diminished light.
Typically.
That word is the amateur's friend and the professional's nightmare. It means you can build a light, and it will probably work about like you predicted. Maybe a little better, maybe a little worse. That's fine if you are building one, and if it disappoints you it's no big deal. But there's some chance it will perform far worse than expected. As a hobbyist, I can accept this (one of my lights was pretty disappointing both mechanically and electrically; I set it aside and built another that I'm very happy with), but as a professional this is not acceptable. When I deliver a product to my customer, it HAS to work. If it doesn't, not only do I HAVE to fix it (usually for free), but it compromises my reputation as well. Professionally, I pay a lot more attention to worst case values than typical ones. As a hobbyist, it's the opposite.
Just wanted to warn you. Caveat Emptor.