Personally, I think it’s almost perfect as-is.
(And anyone who knows me and my incessant bitching about this light or that will tell you that’s quite a high compliment!)
Only thing I’d want is a NW emitter. I’m not at all a fan of CW, but can tolerate it. 4500K would be about perfect, 5000K almost as good. A Nichia option would be Really Nice, too, but I’m fine with a higher-output NW emitter.
Despite what others say/want, I like the protruding boot from the tailswitch. It’s a true tactical switch, and can easily be activated even with thick gloves, vs having to dig your finger into a hole to get at a recessed switch. So I’d propose a “dual-boot” option (ha! get it?). A rounder “protrudier” boot for an easy-access tac-switch, and lower-profile flat boot to allow tailstanding. This way both camps are happy.
Absolutely keep the mode order low→high, ie, F/L/M/H. And NO blinkies, not even “hidden”. Now that I’m hip-deep in lights, I can easily not buy a light that has that annoyance. Ditto for lights that have mode-order high→low.
Mode spacing is just about perfect. Keep it as-is.
Switch appearance and feel is about perfect. Keep it.
Clip? I never use a clip, certainly not for a big-head light. A tubelight, maybe, but not with a big-head light.
Tactical ring? I took it off immediately, but those who like a “cigar grip” and use it for that, sure, keep it optional.
Front bezel? If actual steel to keep the aluminum head from being damaged, absolutely, keep it. It’s a nice touch. Maybe offer it in black for those who don’t like shiny.
Forward-clicky is a must! At least for a tactical light. For a common-as-dirt light, sure, reverse-clickies are all the rage, but if you need a flash’n’dash light, a FC switch is a must!
Point being, you can make the VG10 synonymous with “tactical light” with important features available only on tac-lights, or it can be a “meeeee tooooo!” light just like everything else (and no compelling reason to choose a VG10 over other lights).