I've got the TS-1 rack on a couple of bikes. I have a rack mount light clip (purchased separately from the lights) that holds either my Planet Bike superflash or a PDW Danger Zone (PDW was smart and made their lights compatible with the already popular Planet Bike model). Both good lights and visible even in daytime. The Danger zone may be brighter and does burn through the batteries more quickly. I need to buy some rechargeables once I exhaust my supply of AAA alkalines.
You can get a clone of the PB superflash on Amazon or Ebay for about $5. I have some that came from DealExtreme and I believe they are the same thing, just without the name on them.
On the front I use a 400 lumen Cygolite Pace/Expilion. Not an extreme budget option at $89 on sale, but it holds up well and has a good long runtime. You can find the lower powered versions with a non-replaceable battery for a lot less. I know a lot of folks that have bought $30 lights on Amazon and been pleased with them for what they paid. I can't speak from personal experience on this one, however.
http://www.amazon.com/Lumen-Bicycle-...I2SZ2XLH4PP9W3