I don't think dueling batteries is a great idea for lower ohms, especially not in a mech.. Throw dual mosfets on each battery before bridging them, and it's prolly become safer than running just one battery.
As far as the notion that a regulation device is suddenly going to fry closed (short) and dump battery to the coil, it is high unlikely. When circuits fry, they almost always fry open, and any reputable device manufacturer uses amperage-limiting circuits designed to stop boards from going dangerously wonky.
To address the general concern of driving a .low ohm coil with a regulated mod, we're going to do some quick napkin math.
Your .low ohm coil is going to be hit with, at most, p watts, where p is the maximum output power of your device. If we were using a mech, we'd care what .low is, but we're on a regulated mod, so if the mod will fire it, it shouldn't matter.
We'll use the formula P = V*I to find the maximum current we're ever going to pull. Since we want to solve for current, we'll rearrange to I = P/V. The mod should cutout for low battery voltage at about 3.2 volts, but we'll also do 2.8 volts just in case. So assuming you've got a 40 watt mod, we should be looking at: 9.5A at full 4.2 volt battery, 12.5A at 3.2 volt battery, and 14.3A at 2.8 volts. All well within 20A. I did not include your mod's overhead, but we're generally looking at 10-20% efficiency loss. This basically means add 10-20% to current draw. So at 2.8 volts battery charge, pushing 40W to the topper, you might be looking at 17A draw on the battery. That's pretty close to 20A, and I generally don't run my Samsung 25Rs (20A cdr) that close. However, that's a double-worst-case, and I doubt you'll get over 14A draw from the batteries if you've got a 40W single 18650 mod.
Now to what everyone else seems to be concerned with.. would I ever mech .15 ohms? No, no, no.. Anything below .19 ohms causes my VTC4s to get warm within moments, and I don't like when my batteries turn to heating elements. And I don't enjoy really enjoy anything over 50 Watts anyway, so I like my .4ish ohm coils just fine
And finally, as to your mod being safe to use, that'll depend on who made it, but I expect it will be a biscuit 'n gravy train. Happy choo choos