Your right in the ideas behind heatsink design.
1) Thermal Resistance (internally speaking, so from the source to the outer surface) = materials, interfaces, thermal pastes, surface area of interfaces.
2) Thermal Resistance (to the external environment) - surface area of outer surface, type of surface finish.
3) Thermal Capacity (how much mass is involved) - size matters
What is the significance of these in flashlight design? In order of importance for longer term use;
1) Internal Thermal resistance - This determines how quickly the heat can be transported away from the heat source. This is fundamental to allowing high thermal output devices to be used. Having a high internal thermal resistance will simply cause rapid overheating as the heat energy is not taken away from the heat source. While the inside is cooking, the outside of the torch may still feel cold to touch. (so for a Given power consumption, the torch that feels warmer quicker is better)
2) External Thermal resistance - This is commonly overlooked, and is only achievable by having a large surface area (lots of fins), and having a thin dark finish can help with radiation of energy. Having a high external thermal resistance will prevent you being able to Maintain high outputs for extended periods. This will practically mean your torch will get hot very quickly and takes a while to cool off after turning it off.
3) Thermal Mass - This is simply the mass of material that can absorb the thermal energy, but once the whole item has warmed up, its ability to keep an emitter cool will diminish. So thermal mass is only a Buffer to extend the time taken to heat up.
Flashlights are Commonly designed with some thought on 1 and 3, but most fail very miserably on 2, simply because it is overseen, or is not considered important or aesthetic. A lack of incorporation of 2, simply means the heat cannot leave the flashlight very fast, and this creates the problem of limited runtimes on high output. This is a compromise that is somewhat acceptable in flashlights, think of the 500 lumen turbo mode on a CR123 XM-L, limited to a couple minutes before the thermal buffer is expired, and insufficient surface area to maintain the required thermal dissipation.
The only flashlight that comes to mind now is the X6, with a body that is Only heatsink. That torch was possibly designed with the idea of running much longer runs at full output with 6 XM-Ls, and they achieve that by providing Significant surface area to Maintain a continuous thermal dissipation that can keep up with all those emitters.