I'd suggest a Nuwai TM801X-3. They are still available
at Amondo Tech for only $75.00. Three 3 Watt Luxeons, each with individual reflector. The switch lets you use one, two, or all three LEDS.
In the stock, 3D configuration, it puts out well under the claimed 240 lumens (or whatever the number was.) By substituting 4 C cells in place of the 3 D's, you get much closer to the rated output, albeit with shorter run time. Left stock you'll get about three hours on high. With rechargeable C NIMHs you still get might get an hour and a half (just a guess.)
When they first hit the market, some folks didn't like the tint of some of the LEDs, but with all three LEDs lit, the tint is white and clean. The reflectors give a well focused beam, and it easily throws 50 yards...probably more like 75.
I hope I don't sound like some kind of salesman pitching this light, but I own one and can't understand why folks have avoided them. They really are decent lights for the money.
If you are interested in a custom light that will make the Nuwai look like a cheap penlight in comparison, check out some of
cmacclel's MiniHIDs.