As a first "host" (= the flashlight itself, without the light source) for CR123 size batteries I can highly recommend the Surefire C2 Centurion HAIII. Indeed, this one hits a hole in your wallet, but hey, there's CPF Marketplace where they can be found regularly for less than you would pay for a new one.
In this host, you can put nearly all D26 sized light sources. These can be (ultra) high pressure Xenon bulbs or many, many different LED drop-ins. When we are talking LED, avoid the ones with multi-die LEDs (such as the MC-E) as these have a floody beam, which you don't seem to like.
One disadvantage of these hosts (and that goes for ALL 2X CR123 hosts) is the combination of relatively small batteries with power-hungry LED-dropins. You seem to be wanting 200 to 300 Lumens, which will draw so much power from those poor little batteries, they will not last for more than an hour.
A better solution is to go for a slightly longer host, the Surefire C3 Centurion HAIII (yes, you guessed right, this one is intended for THREE CR123 batteries).
Indeed, it was originally intended for three CR123 batteries... but we as flashaholics do use TWO rechargeable 17500 batteries, which have nearly double the capacity of the smaller, rechargeable R123 batteries (also referred to as 16340s). Each 17500 battery equals the length of 1.5 CR123 batteries, so two of those 17500s are just as long as three CR123s! Smart, isn't it? The use of 17500s instead of 16340s means nearly double the runtime.
One advise: buy good quality rechargeable Li-ion batteries from the start! Forget about that DX stuff, most of the batteries offered there is just a waste of money. Go for the good ones from the start, go for AW or Wolf Eyes batteries. AW has really all sizes imaginable, and these cells are very durable. Together with a good charger these will give you countless hours of guilt free lumens with your flashlight. Now, you really start to use it!
For example, if you buy the C3 Centurion and leave the (excellent!) P90 standard lamp assembly in it, you'll have about 50 minutes of runtime. With the C2 Centurion this is just 30 minutes!
Let me close with one remark regarding Li-ion batteries: they have the same energy density as TNT(!) and must be used with utmost care.
A: ONLY use a special charger, designed for Li-ion batteries,
B: do not short the batteries,
C: do not leave in hot places (car!),
D: always use protected Li-ion batteries,
E: for a longer life, never drain completely until protection kicks in!!
F: never, ever mix partially drained ones with freshly charged ones!!
And ohhh, well.... welcome to the best hobby you ever had :twothumbs
Timmo.
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