Maybe something like a Terralux TLE-10 in a MiniMag.
http://www.flashlightreviews.com/reviews/terralux_tle-10.htm
Tint would probably be luck of the draw. It's "regulated", but you can see from the review that the discharge isn't flat. That runtime curve would probably look longer and flatter with lithiums or NiMh cells. It's rated at 25 lumens, but if you follow the formula on flashlight reviews to approximate actual lumens--Overall output number times 1.39, it gives you 7.91x1.39=10.99 lumens.
$7.99 at Lighthound.com, plus 3.95 for a Terralux tailcap switch(don't know if this compromises waterproofness or not).
I got handed a new red MiniMag in the package as I was leaving work this morning, and have been looking at different drop-ins just now, though I was thinking of something just a
little brighter