It's becoming clear to me that flashlights are an excellent substitute for bike headlight, lumens-wise and cost-wise. Is there a similar substitute for bike taillight?

(How about covering a flashlight with a red transparent film?)
Congrats on finding out the deal on flashlights. This morning I am the super dark fogging and a light drizzle. I got ONE 26650 flashlight working up front, didn't even have my helmet light. Cars were giving me lots of way. Could see all that far, but one car waited and I was half block away for me to pass. BTW, the light up front cost $20!!
For the red flashlight, they do have them. You can check with Dealextrem.com, manafont.com and ebay. It will be a little tricking mounting them. For my rear, I use cheap alternatives too. I use a Planet bike superflash clone, and another $2.50 light off ebay.. Another great deal in lighting for little money..
Lastly, on the flashlights, a lot of people say the run time is not as good. The runtime is good on the flashlights if you use good cells. The cheaper cells don't have a long runtime. I used the cheaper cells sometimes, but I know how long they will last and I am ready for it. Other than that, the flashlights, IMO, give up the best lum-per-dollar going..