Thats the problem with giving times as a rating as its completely subjective. 2x14500 in series has the same capactity as a single 14500 (real mah is about 750ish). If you use a simple regulator on it, all the excess power is wasted so its not a very efficient way to power your mod. Using a switching regulator is a much more efficient solution.
Calculating efficiency can be very difficult between different regulation types , an LDO or analog regulator gets more efficient as the load across the regulator goes down ( I.E. less load is across the reg. and more is across the LOAD ) a boost circuit has better efficiency at higher voltages relative to the source voltage ( there are several other factors as well , capacitance , freq etc. )
An analog regulated setup uses the same amount of Power as a non regulated setup with the same load I.E. it will draw the same power , the only difference it that a regulator dumps the excess load across the regulator instead of the LOAD .
Boosted circuits work in a completely different way , they boost the voltage from a battery or source to a higher voltage , this requires the current to be lower to a degree OR the source needs to have a higher current capacity. They store the voltage and current in a capacitor in a pulsed PWM method ( Pulse Width Modulated ) it turns OFF and ON real fast. there are certain advantages to this design 1. it uses a lower voltage source ( like a single battery )
I hope this helps
Not all of the information provided here is guaranteed to be 100 % perfect but is a basic under standing of there designs and functions