Well, not quite.
http://www.batteryspace.com/nimhrech...tontop1pc.aspx

These are real D cells, $6.45 each, so $26 for a pack.

The charger is an issue though, especially if you already have a charger. These cells should probably be charged at about 5 amps or so, and if you do 4 at a time that's delivering 20 amps to the cells. That's a big, expensive charger. Most that you're likely to get for a reasonable price might charge at 0.75 to 1 amp per cell, which means it's an overnight charge at best, and that slow of a charge probably isn't ideal for the cells.

Yup, here's a suitable charger for $25; up to 10 hours to charge at 820 mA:
http://www.batteryspace.com/bc1huuni...batteries.aspx

I agree with you though; if you don't already have this stuff, I'd just go with the LiIon pack. If I were doing it again I'd go for a taillight option with LiIon, if I could find one for a reasonable price. The MagicShine would be good except it doesn't have the Dinotte flash patterns.