Klaus,
Thank you for the education on Lithium Ion batteries. For the time being, I will be using 123s all the way. Therefore, I either get a Luxeon III with a low Vf and leave out the regulation board, or I choose the same Luxeon and include a regulation board. If I decide that I want to use the L1 bezel with my L4 body, then I will have to include regulation to be able to tolerate the added voltage of the second battery. I have a decision to make.
Keep in mind that while I am interested in building lights with super brightness, I, unlike most "powerhungry" CPF members, want the versatility of having heads and bodies that I can mix and match to generate a much lower light output for situations in life that warrant it. Even at the ridiculously low price of $1 for a 123 battery, if I only need 2, 3, 4, or even 10 lumens of light, then why should I be forced to have 65 or more lumens? I think that between my E1e and L4 bodies, which both house Don's great McE2S switches, and my L1, KL4, nd PR-T bezels, I am set up for many different lighting possibilities. I think that I have chosen wisely!!!