If I were going to build a titanium flashlight where weight reduction were my sole concern, I'd vacuum braze lugs to either end of a .012 thick tube. The only "heavy portion" would be the head, which would be finned for heat dissipation.
Over the years, the group in which I worked, would build these types of projects, first to prove it could be done, secondly as a government contract for a NASA type job. The $600 toilet seat is a cheap item compared to some of the items that we used to build. One off's are very expensive to design and build since in the "old days" the cost of the tooling was more than the value of the item being fabricated. Today with CAD systems and additive manufacturing, you can grow the tooling overnight and fab the part that you need to build at 1/3 the cost.
Titanium has a funny habit of catching fire if you get a little too aggressive while machining it. Been there, done that.