As far as i know, at the same wattage, using higher voltage will make your battery last longer.
If i havent forgotten high school physics, the formula goes something like this:
E= Q x V
So then
Wh= mAh x V/1000
=> h= (mAh x V/1000W)
With h being how many hours you can run your coil at the designated Wattage
All in all, running 4V with a 3.2 ohm head means bettery battery life.
In theory, the difference is significant. Between the 2 options you proposed, the high voltage- high resistance option gives you 33.3% more battery life.
Your formula only works that way if you can change the battery voltage, but that is fixed so a boost circuit increases the voltage. To simplify it, the circuit uses current to increase the voltage and the circuit is not 100% efficient so there are additional losses there. It makes more since to look at it through Power Law and realize the battery is a power storage device with a fixed voltage and just rated with current capacity to simplify a designer's life. (It also comes into play with C ratings and discharge rates, so it's nice to have that info up front when you're designing circuits, but it does lead some to confuse a battery for a current storage device.)
As Hoosier stated, this only works in theory when reducing voltage, say you start with 7.4v and drop it down, but there is still some loss in the regulation circuit, but minimal.
Now is when things get funky. YES, it requires less amperage at higher voltage, but the battery, as stated above, is fixed voltage. Then we only achieve 85% effacy (general know loss factor), so we loose 15% right off the bat. BUT, this even happens when we run at 3.7v and lower.
I haven't done the tests, and have no means to do so accurately, but I believe I get more run time at higher voltage. Maybe because I believe it to be, I don't know? But in reality, it should come out as a wash either way because the base voltage is always the same.
As to the OP, yes, it's the same watts in both cases, this is the beauty of VV, you can use what you have to get what you want/like!