The beam characteristics of the 1W and 3W luxeons are the same. At levels under 700mA, the 1W will arguably be brighter. The color of the 3W at underdriven levels might be off a little too, although I've had good luck driving them at 500mA.
Personally, I'd go with a Q3J, if I could find one. If you want flood, I believe that there are some R?H side emitters for sale in B/S/T. Other than those, you could just go with a nice TWAJ, TWOJ, or TVOJ.
To get 2 hours on a single 123, you'd have to go with a rediculously low bias. Even a stock KL1 running at 350mA will only give you 1.5 hours, but those circuits are a bit inefficient.
To the point. Knowing what I know now, if I were to build one for myself, this is what I would put together for a nice small, long runtime pocket light.
I'd choose a high dome luxeon according to the color that I like. I tend to like or actually dislike blue tints, so I'd go with a TVOJ. Stay with the lowest forward voltage that you can get. If you don't mind or like the blue tints, go with a TWAJ or TWOJ. If you can get an H vf, go with that.
For the converter, I'd go with a MadMax lite. The MadMaxs will run a battery down to practically nothing. This would make for a very useful pocketlight that won't leave you stranded with a dead battery, since the MM will dim as the battery drains. You'll know when to replace the batt.