Lumenous,
I really can't quote you lumens specs. All I can tell you is that the T bin Lux III is rated at just over 65 lumens when driven to 700mA. You have to understand that the purpose of modding the E1e is to get something better than what you have now. It is far from being a steller performer. The E1e mod will give you a wide spill light with SOME throw, by virtue of a rather narrow hotspot. If you really want performance and still stay small, you could go with an Aleph head (with 20mm reflector) or a hot rodded KL1. Either of these will do nicely out to medium ranges. If you really want performance you could go with a head built around a 27mm reflector, like an Aleph or McLux PR.
Performance is really a matter of what you want the light to do. If you want flood, this mod will do nicely. If you want throw, look at the above. With regard to throw, the lux rating is probably a better indicator than the lumen rating.
ResQTech,
To get that kind of runtime out of a lux III with an M Vf, you're gonna gave to run it at a very low bias. M is a really high Vf for a Lux III. For a single cell light, I'd be looking for either an H or J Vf. Of course the H would be better.
Both the MM and the BB have their advantages. The BB is current regulated and you'll get a steady output level; however, the batt can go dead on you without much warning. The MM is voltage regulated and will dim as the batts drain, but you'll have an idea of when to change the batts. I don't do runtime tests (there are many posted here on CPF), I just build lights. It's my understanding though, that the BB will give you bright light for a longer time.
If you want to get 80 mins of runtime, you should look at about a 350 to 400mA bias, or maybe even at 500mA. I personally prefer the MM in small lights for one reason, that is because I tend to use my lights for more than a few minutes at a time, and the BB gets hot, even at 400mA, in a small light. The MM doesn't generate nearly as much heat.
For what you are looking for, I'd recommend either the BB400 or the MMlite. I say 400, rather than 350, because in my experience, some lux III's will show color abberations at lower than 400mA.
With all of that being said, if you are looking for something that will be used for only a couple of minutes at a time and want a decent runtime, go with the BB. I made a small light, similar to the FireFly, but with a reflector and a BB500 and people still freak out when they see all of the light comeing from that little bitty light.