I haven't seen a flashlight exactly like you describe, but I have at least three lights that have independent floody and spot beams.
One is a B&D SnakeLight with two lamps in two different reflectors. One shoots straight out the end and the other at roughly 90-degrees to the side. The switch cycles through Spot/Flood/Off.
I don't remember the name of the other, but it has a spot beam facing forward and a flood beam that comes on when the side-mounted sub-head was swung out. It was designed for walking, with the spot beam pointing ahead and the swing-out flood facing down. Both bulbs could burn at the same time for that application.
The third is an Energizer 4AA light with a lensed 5mm LED spot at one end and a mini-fluorescent flood along the side.
All pretty crappy lights, but they work and at least give you an on-board spare lamp that can be instantly activated. I believe the walking light also had the batteries wired separately, sort of like a reserve set if you were only using one lamp at a time.