Hi mrchri5, Welcome to the forums!
I recommend the CMG Infinity as a backup light. 1 LED will never replace a powerful light like the UKE miniQ40 or the Surefire range of lights. But none of these will give you light for over 40hours on one battery. I have found that I can get along with the Infinity even though many people have said that it is dim. You'll want to look in to either getting the smoked silver model or else polish the reflector when you get the light. (You can do a search for past topics covering modifications to the Infinity.)
Some people might recommend you the new
Arc Flashlight. They are currently sold out straight after their release earlier this month but should be available by mid-June. They have some problems but these are being addressed before they release their next production batch. I have only one problem with having it as a backup for power outage. It only runs brightly for about 5 hours. Then it becomes much dimmer than the Infinity.
No. For something to be used as a backup during a power outage, get the Infinity, pop in an Energizer AA 1.5V Lithium and you are good to go for 10 years shelf life or almost 100 hours of use.
As to the Pilot light, I can't comment much on the newer model that runs the narrower LEDs. I have the old 3LED version and mine is more diffused and is great as a work area light. It doesn't throw the light very far but I'm working on an idea to put in a lens and will post the results when that happens.
Check out
Telephony's website. In "The Punishment Zone", he describes this light and many others. He also identifies a little problem in the design which makes that "lifetime warranty" a little less useful. But I like it and it is watertight and I bring it fishing, boating and camping. Have not tried using rechargeable batteries in it though. I believe that it should not have too much effect. Maybe a little dimmer and slightly less run time but it should still work because the minimum required voltage of 3.6V is still being met.