smaller cells will drain flat in no time. You need current if you are going to be running these new blues, either that or make a labby.
Wattage is wattage, and it is energy. You can get wattage with volts or you can get wattage with amps.
Having more of amps or more of volts to make up the total energy will yield differing power profiles.
Say that a 4.5V diode is being driven off of an 18650. Its power profile will usually look more like a regressive curve from the start. As soon as the cell starts losing its small amount of voltage it has, the driver tries to make up for this by pulling more and more amps to meet the needed voltage and wattage requirement of the diode. As the maximum amps can not be supplied continuously, the diode starts tapering down on output from the start.
In contrast, a battery configuration with more volts, such as 2x RCR123, will yield a plateau/neutral shaped power curve. When 8.4V is used from the start, the voltage is so high at the beginning, that much less amperage is needed, and it is longer before you see the diode regress from too little amperage being available. The cells start far above the diode voltage, so amps are saved.
This was something more pronounced with LED flashlights, but now that we have diodes using 5 watts, it will happen and be seen here.
The problem with the second configuration using more voltage is that when the power drops, it drops hard and fast! If the cells are unprotected, they will need to be monitored carefully, because by the time the diode dims, the cells may already be damaged or ready to create a pipebomb in your hand!
Someone who wants a safe setup through continued use may choose a single larger cell (18650) and a boost driver.
Someone who wants maximum continuous output for a shorter time will use more of smaller cells, like 2x RCR123/18350 and a buck driver.