18650x2 vs CR123x4

Probably not. Looking at this test, making 2000 lumens from an MT-G2 requires just over 6 volts, which two 18650s in series can put through a buck driver until they’re near-dead. The P36 isn’t a hot-rod light, so its regulation will probably keep the output very close between different battery types.

That aside, running disposable batteries is pretty wasteful.