Except for weight (just under 4 ounces), what if I told you that such a head lamp existed (including the red light for night hiking) and was just $30. And what if I also said that it reused heat to keep batteries warm and could be converted to a lantern.

Have a look here:

http://www.feedthehabit.com/gear-reviews/uk-vizion-3aaa-eled-headlamp-review/