The PC3.0 runs off from a single 3.7V 18650 as well (alas I do not know if that was true for the earlier versions...), provided the voltage regulator is bypassed by simply removing it and bridging it. If it makes sense to use the 7.4V or the 3.7V depends strongly on your setup i.e. the type and connection of LEDs you wanna use.
I use currently the 3.7V supplying because I have an RGBW module from Cree and for all dice 3.7V is enough and I do not want to drive multiple of the same color. It has the positive side effect, that in most cases you do not need to take care about the resistors
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