I did it, and I was satisfied for a while. Some flashlights provide shocking amounts of light for very little money, but I decided output level was not the important thing for me. Most of those mounts aren't very quick, and I had to take the cell out to charge it, adding steps to the process. Aiming the light and keeping it aimed right is also tricky. A lot of the lights have hot spots in the beams, which is terrible for me. My eyes go to the hot spot rather than where I want to look. I can't help it. I found that paying the extra -- and it's a lot -- for a bike-specific light is worth it for me.
My main commuting bike has a hub dynamo wired to bolted-on lights. This is the most convenient, and the beam is shaped like a car headlight's. I like this best, but the cost is high, and it doesn't move from bike to bike. The dynamo hub is also heavy.
I have a Cygolite Streak which mounts with a bolt I can operate with my fingers. It's very intelligent.
I also have a Busch & Muller Ixon Core with a German-style shaped beam. Great light.
I just got
this Xanes light, and it's pretty good, too, especially the $9 or $10 price. I haven't used it much yet, so I can't give it a long-term review.