A good place to start is the stickied "best headlight under 50 dollars" thread.

I have a P7 flashlight from dealextreme(the MTE SF-15 five mode), but it took some fidgeting to get working properly(had to sand down a contact that had been improperly soldered and was preventing full contact on the body to the switch electronics).

P7 emitters are rated up to 900 lumens and it's safe to say most put out over 500 maybe up to 700. that's a lot of light, like a modern car headlight. of course, once you buy the flashlight and the batteries and the charger and a mount you've gone from 30 dollars to 50, but it's still a ridiculous amount of light for that cost.

there are some nice 15-dollar options in the headlight thread as well that may take normal batteries. just please, don't go back to wally world. someone was saying shining beam is a nice site in the US with good service and good prices. I'd check them out.

regarding floods and spots- it depends entirely what light you're using, where you're using it, and what the beam pattern looks like. if your flood has a hot spot center with a lot of penetration, you can use it without supplementary lights. if your spot covers where you need it to cover and streetlights cover the rest, you don't need a flood. it just all depends. sometimes a combination is good, but usually because of the ability to aim and beam shape.