Just for the record, the ever-awesome DJozz has done a test on the XM-L Color. And like the rest of the XM-L line, it can be driven quite a bit harder than 350mA. A lot harder, actually. 3 colors hit their peak output @ over 3A on a custom copper SinkPad (though there is a premade aluminum SP available for the XM-L Color towards the bottom of the page).
Given the lack of heatsinking on the XQ-E’s, I would say that for a flashlight modder, the XM-L color is the better option.