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TransitBiker, I have a spoke light in my rear wheel. A spoke light in my front wheel distracts me too much, and I think one in the rear is sufficient.
Some headlights, especially the best ones, give two zones of light. One goes three feet forward, and the other lights up the right. My B&M Ixon Core has this. Very nice, though to be honest, I don't think I care about the near zone.
My dynamo-powered tail light burns steady. I hang a tool bag from my saddle, and I have a battery-powered tail light hooked to the bag. That light blinks. So I have two tail lights, one blinking, one steady.
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jrickards, I had one of those cheapy lights and it was stolen quickly. I have a diffuser lens for it which I didn't get a chance to use. Email me at the address below.
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Caliper, I'm sure your techniques will work, but for most of us, it's easier to buy a light that suits the purpose. All that DIY stuff is good if it's fun. Otherwise, ready-made merchandise seems like the best deal.