Streamlight makes some very good quality stylus/penlight models for much less money but they might fall a bit short of being "dressy" enough to pass as a high zoot fountain pen.

As far as cost goes, the highest priced product on the shelf is often cheapest in the long run. Mag-Lites have given me fits with unreliability, and I've found high-pressure Xenon/halogen bulbs tend to burn out at the most inconvenient times...and of course, the bulb often costs half of the what a new light does.

My favorite light right now is my Surefire E1B Backup. It has a powerful LED and takes just one CR123A (a battery I have at least 30 of on hand). It's been bombproof for me, and even though the current price is $160 I'd probably have to buy one again if I lost mine. It's that good!