OK i read about this step-up voltage circuit (i didnt know about it before),
But still there's something wrong with your theory.
If the capacitor's charge is 10^-5 * 350, and the discharge time (5*RC) is 0.01sec, then it doesnt mean that the current that will flow through the flash is 10^-5 * 350 / 0.01, becaues the current is not constant, but exponantial, so how can you say that, and afterwards compare it to a battery which DOES produce constant current?
EDIT:
and what does that mean:
"Let the eff=100% for the step up ratio of 350/10 = 35 times, assuming 350Vdc on the cap
"