Someone correct me if I’m wrong… but I think it should go roughly like this:

1: Nothing
2: Probably not much besides lower output, assuming you don’t hold it too long.
3: Heat, lots of it. Good batteries should have a fuse that might melt and leave the battery dead. Crap batteries… anything goes. But that’s absolute worst case. Most likely you’ll just reduce battery life.

Keep in mind that even a “low drain” 18650 can put out a lot of current safely. In small lights like the ones you mention, you’re likely to burn your hands long before you damage the battery. Also, depending on the emitter involved, the voltage might sag so much that you won’t be able to pull that much current anyway, at least not for a significant amount of time. So I would put the odds of really bad things (eg. fire) happening as quite low. Although I’m sure someone will dig up a counterexample :wink: