Probably not. There are two types of chemistry for the CR123:
LiFePO4 RCR123 - These are only 3.2 volts maximum charge, the same output that a regular 3.7 volt lithium battery has when it no longer can power a
mod.
ICR protected Li-Ion RCR123 - These have 3.7 volts, but are a low drain battery. Regulated
mods work best when they have a high drain battery with an acceptable amperage to power the buck boost circuitry of the circuit board. ICR
batteries generally only have 2.5 - 3 amps, while an 18350 IMR high drain battery will have at least 6 amps.
In addition, some regulated mods will not accept a protected battery and will refuse to fire.