There isn't one "Best" material (well, except for unobtainium - and folks, it is a standard line, usually from a more Sr designer to some Jr kid, who makes a design that needs it)
Engineering is the art of "the tradeoff" Silver will give you great thermal and electrical conductivity, but will scratch/tarnish, and is somewhat expensive. Gold won't tarnish, is an OK electrical/thermal conductor, but keeps conducting. Ti is light, but is thermally poor, and will scratch. Berylium - hahahaha - yeah, that'd keep you happy for the rest of your fairly short life (Machining Be is done in sealed hoods). BeCu has it's good points. Carbon fibre - nice, light strong, but doesn't conduct, and is brittle
If you wanted to go exotic - it might be something like:
Carbon fibre Battery tube, with 7075 (or even 6061 or Ti) inserts on the ends for threads, a BeCu strip on the inside to conduct the electrons. Gold plate on the contact points on the points where the strips connect on both ends, a Al or Ti tail cap, the head being a sandwich of say Al and CU, or even Ti and CU, with the Cu heatsink exposed out to the edge of the head - or maybe instead of copper, Nickle Silver (actually a Cu alloy that has the advantage of haning it's tarnish being electrically conductive) - or, how about, Cu, and have the outside Gold Plated (or maybe Rhodium) to prevent tarnish? Oh - I know - PVD Diamond coat (Diamond actually is a great thermal conductor)
Is Manufacturing this beast going to be EASY? NO. Cheap, Hahahahaha.
Asking what the "best" material to make a flashlight out of is like saying "what is the best material to make a car out of?" - different parts want to be made from different things