You might consider a SF G2 ($35) or the
Sharper Image 1W Luxeon light ($30). Quality lights that you can count on, but don't break the bank.
Regarding carry on vs luggage. I would reduce the number of lights I take and take them as carry on. If you are traveling, you should be realistic in how many lights you really need.
My EDC pattern calls for only two lights, a bright light and a lower output light. In my case I use a SF M2 (but sometimes E2e) and a SF L1. This covers a whole range of lighting conditions and pretty much anything a trip can throw at me.
I would also make sure I don't carry on an overly conspicious number of spare batteries and I would probably keep those in my bag instead of my pocket. For example, I normally carry an
OmniSeal ziplock with (6) 123A cells. I would probably stick that in my bag and limit myself to that number of cells for carry on. After getting through screening I'd transfer them back to my pocket.
While lots of people here have fretted over TSA and lights, I have yet to hear of a case where they have had an issue with a light and confiscated it. I think you are more likely to get hassled if you have a large number of lights (or anything else for that matter - if I had 5 PDAs, I'm sure it would draw attention), hence my suggestion on keeping it simple. Also, I think your best bet is to keep it stock (no foil, whatever). Be prepared to demonstrate the light upon request - don't leave the batteries out or whatever.
I'm also not in favor of the CPF member card idea. Basically, I think you are just drawing attention to yourself. After all, they are just flashlights. You have no reason to be defensive about it. And, if you are nervious, they are likely to pick up on it and you will be setting youself up for "special attention".
I would put fresh batteries in so you are prepared for any type of in flight emergency, and while on the plane, I would lean more towards brighter lights since any emergency isn't likely to be long in duration.
In regards to batteries in check in luggage, it has been suggested here before that you'd probably be best off with batteries in the original, sealed, factor packaging. This may not always be possible, but it will probably draw the least amount of attention.
-john