There are many 120 lumen lights form various different sizes and price range(pinky size to lantern sized, $20 and up).
The Draco(above your price range, just an example) has that amount of light in something smaller then your thumb. The
Tiablo A8(
review, Will destroy a maglite in all aspects except weapon type usage and big size) has 200 M throw and 120 lumen(more?) output and is a bit longer then the minimag but twice as wide.
This light runs on 4C batterys but I'm guessing it's output to be 100 lumen. The
Malkoffdevice's Drop-in will make a Maglite 2-4 D a great light.
Many of the Minimag sized 120 lumen lights can use the 18650 rechargeable 3.7V lithium ion battery.
The newer generation of LEDs, Cree XR-E, Seoul P4, Rebel have double or more the efficiency of the older Luxeon I, III, V, and K2 LEDs. The newer LEDs can produce 300 Lumen at the emitter if overdriven to 1.5 amp(Cree XR-E Q4, Q5, Rebel 100). The common Cree bins in order of efficiency, P4, Q2, Q3, Q4, Q5. Seoul P4, T bin, Q bin, V bin(yet to be released). Rebel 80, 100. The common 5MM LEDs are nowhere close to these LEDs.
Any reason why C, D batteries. Availability, Runtime?
The 2 AA
Fenix L2D-CE has around 120 Lumen(the
Rebel 100 version has more light,
comparison) and can run for 58 hours on low(11 lumens) on 2 alkaline batteries but less then 40 minutes on turbo with the same batteries(Lithium batteries give 2 hour runtime and NiMh gives 1.5 hours).
Now, what would you like?
Maybe you should buy something relatively cheap that runs on a 1AA battery just to see what the newer LEDs can accomplish on this common battery. Something like
this,
this, or
this.