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?

Ultrafire WF-501B Philips Luxeon K2 Red LED Flashlight (1*18650/2*CR123A) with a Two Fish Lock Block and a
Minoura SG-200 "Swing Grip" accessory holder (or similar) mounted from the seatpost