Question -- wouldn't it be better to go with a 1-cell booster?
Not for me, as I've never needed to go above 4.6v for my vaping, and the usb source would be 5v. A buck circuit would be what I would choose, presuming the 5v source could handle the current. Should be a bunch of choices out there that can use 5v for input.
A buck-boost circuit would be more flexible, but I would assume that the current demand would go up with in the boosted range, and I'm not very confident in the availability of high-current-rated usb pass-throughs.
ETA- Not sure if you meant using a booster suitable for use with 1 li-ion cell with the usb pass-through mentioned in the OP, or simply using the booster with a single li-ion cell instead of the USB passthrough. I would, indeed, choose a boosted single-cell mod, in that case. Less problematic.