You have missed the point. Determine the resistance of the load into the circuit and work the voltage and power losses. I think you will find the 12 volt circuit will not even work. Yes I know about I^2 R losses, that is the point.
I had the resistances wrong before, but I still don't know why you are saying it won't work unless you are saying the lamp won't work at 10.7 volts (a shorter run or bigger wire would make this moot). I still don't get your 19,000% efficiency change. Can you please explain, as I can't seem to get away from the following (maybe I'm stuck in a rut):
For 12 volts:
Load resistance = V^2/W = 144/50 = 2.88 ohms
L & N resistance = 0.355 ohms
Total resistance = 3.235 ohms
I = V/R = 12/3.235 = 3.7097 amps
VDrop = 3.7097 * 0.355 = 1.316 V
Vlamp = 10.684 V
Pin = V*I = 12 * 3.7097 = 44.516 W
Pout = Vlamp*I = 10.684 * 3.7097 = 39.634 W
efficiency = 89.03%
For 120 volts:
Load resistance = V^2/W = 14400/50 = 288 ohms
L & N resistance = 0.355 ohms
Total resistance = 288.355 ohms
I = V/R = 120/288.355 = 0.4162 amps
VDrop = 0.4162 * 288.355 = 0.1476 V
Vlamp = 119.852 V
Pin = V*I = 120 * 0.4162 = 49.938 W
Pout = Vlamp*I = 119.852 * 0.4162 = 49.877 W
efficiency = 99.88%
The 120 volt circuit is 10.8% more efficient than the 12 volt circuit.
If you adjust the input to get rated voltage at the lamp, you get the same efficiencies.
If the length is limited to 43 ft, the volt drop for the 12 volt circuit is only about 5% and is only 4.98% less efficient than the 120 volt circuit.