Hahaha... Yet another power miser. /ubbthreads/images/graemlins/hahaha.gif To extract the last dregs of energy from a cell, any cell, you shouldn't be looking be looking at commercial lights. They work alright, but their primary design is to produce as much light as possible.
Do searches on Milkyspit Candle, joule thief, SatCure circuit and regulated SatCure. Especially regulated SatCure. IIRC, the Milkyspit candle is a resistored design utilising 2 CR123 cells to power a single 5mm LED. The Joule Thief and SatCure circuit (essentially the same thing) are unregulated boost using a very simple flyback design and a single 1.5V cell. It can drain the cell to 0.7V, which is the bare minimum needed to make the transistor work. The regulated version has an extra transistor to "throttle back" the output. I have found that it doesn't really regulate, but the throttle allows up to 3V input to be used.
But perhaps the easiest is to build a light using the MicroPuck. It is a relatively efficient unregulated boost that works between 0.7V and 3V, designed to power a 1W LS. I have found that it will still run off a CR123 discarded from my KL1, though the brightness is about 2-3 times the CMG Infinity Ultra.
Hmmm... looking at my answers, I guess the proper answer is "unregulated", or perhaps, semi-regulated where semi-regulated is like the Arc-LS which goes out of regulation when the input voltage drops below a certain point, but the circuit is still able to operate and boost the voltage to a useable level to light the LED.