I would recommend getting some inexpensive
Solarforce hosts (flashlight bodies that are bored out Surefire clones), such as the L2P which is available for about $19 and then use your Malkoff or get some other inexpensive P60 lamp modules (e.g.,
DX XPG R5 for about $14 shipped) for use in that host. The one linked to is a 5 mode but DX also offers a single mode XPG module if that is preferable.
Solarforce also has some very good XPG based lamp modules for around $14 to $15. These Solarforce L2 series flashlight bodies are cheap but the quality is surprisingly high. Much better than the low cost would lead you to believe.
The advantage of the Solarforce L2P over the Surefire is that it is bored out wider so it can use 18650's which provide a lot more runtime and are rechargeable. Otherwise the Solarforce can use most Surefire parts and vice versa.
Another option is to spend a lot more to get Surefire bodies that have been bored out so they can fit 18650's but that is much more expensive than just getting one or more Solarforce bodies.
You can get
a pair of perfectly fine 2400 mAh "
red/black/flame" Trustfires from DX for about $9.00. Trustfire gets a lot of negative press around here (some of which is no doubt deserved) but many people including myself have found these particular Trustfire batteries to provide very decent performance and to be an outstanding value. So, about $20 or slightly less for the flashlight body, $14 or so for the XPG based lamp module plus $9 for a pair of 18650 batteries (or you can spend a lot more money on AW's if you want) and you are set with a tough (Surefire compatible clone) bright light that will give you plenty of runtime because it can use 18650s. If you need even more runtime, you can get an extension tube for about $5 that allows you to use a pair of 18650's in the light.
Now all you need is the charger. If you want to go the cheapest route, the previously mentioned Shekor available from KD for about $10 is pretty good for a cheap charger and, imo, is one of the best of that ilk. Only problem is it takes about 8 hours to fully charge an 18650 (or a pair of them) and the algorithm it uses is not a perfect CC/CV one which is not the best way to maintain your batteries over the long term. But it is cheap and it will work and it really does shut off when the charge cycle is finished and therefore does not trickle charge your batteries the way most of the other cheap chargers do which is very bad for Li-ion cells.
But instead of the Shekor, if you can afford it, I would recommend spending a little more and getting a budget hobby charger like the Accucell 6 (about $39 shipped from a US based distributor like Monto RC). If you go that route, you will also need a separate power supply for the charger which costs about $10 from
here (or a few more dollars at DX), plus a few small
rare earth magnets from DX to use to attach the charger leads to the battery terminals (instead of using battery cradles). (Note: I use an old laptop power brick as my power supply for the hobby charger which works fine if you have one that has the right voltage (in my case, 16 V, 4.5 A).)
This post shows how simple it is to use the magnets with the stock wires that come with the hobby charger to charge your batteries. Hobby chargers use a proper CC/CV algorithm and are very flexible because you can adjust the charge rate and other parameters plus they have informative displays. So, imo, it is very much worth spending a few extra $$ on a hobby charger. It is safer and your batteries will last longer so in the long run it will save you money.
So with the above you can get an excellent complete set up including light body, LED lamp module, 18650 batteries, charger and other required accessories, that will be rechargeable and give you great performance and plenty of runtime without spending very much money in total.
