"Solid" silver to me means pure elementary silver. Pure silver, although it has superb electrical and thermal conductivity, is entirely unsuitable mechanically. It is very soft. Sterling silver on the other hand is practical. It is 92.5% silver, with the remaining 7.5% usually copper, is mechanically suitable, and still has excellent conductivity. As mentioned, there have been lights made of sterling silver or similar compounds (Lummi and others). Silver in very recent years has become quite expensive, though. Silver in in the neighborhood of $30/oz these days. Seems to me that is far from ruling it out, even though it is an historic high. People pay anywhere from $300 to $1000 or more for limited production titanium flashlights as it is.
Speaking of esthetic metals, pewter seems like a candidate to me. Pewter is esthetically pleasing, easy to work, not unduly expensive, and does not really tarnish (it just acquires a lovely patina). It is mostly tin (at least 90%), so it probably has considerably better thermal and electrical conductivity than either stainless steel or titanium. I don't happen to be aware of any pewter flashlights.
Nickel silver is another nice esthetic metal, silvery looking. It has no relation to silver at all, however. It is 60% copper, 20% nickel, and 20% zinc. It is probably more practical/suitable than pewter, but on the other hand it has been done (by Lummi at least), so it would be less unique than pewter. For some reason, even with all that copper content, it has poor thermal conductivity; about the same as titanium, worse than stainless steel.