Heck this is what a minimag is good for. Under $10, metal like the one's daddy has, cheap batteries, who cares if they drop it (THIS is what maglights were made for, to loan to nighbors and friends, who are totally unprepared and come to you because they know you are the da man when it comes to flashlights!) Nice anodized color lights.
or
how about a photon II or III on a wrist band?
or
How about a cheap hardware store 2-AA light. I recently gave my brothers son a Garrity Red/Yellow/Black plastic job, cost $4
GregR