I would like to see the post were someone recomended you spend $55 dollars on a 260 lumen Malkoff drop in when you can get the 800 plus lumen Manafont drop in for $16 dollars.
You didn't mention anything about battery types. Are you familiar with Lithium Ions? Already have 18650's and charger? If not, those won't fit in a $30 budget. How about runtime?
The 501B is a decent light (it is not EDC-carry size, that light is the 501A) but if you are going to get the Ultrafire, the 504 is a much better light in my opinion. Or just buy a solarforce that comes with the drop-in, they are both nice, the Solarforce is better quality. You might want to get the one that can take 2xCr123 batteries as well as a single 18650 battery, that give you some versatility. I don't have a Jetbeam BC10, but those run more money, if you are looking in that $$ range there are a WHOLE lotta lights that you should check out.
If you are looking for good throw, I would look at the Ultrafire TH-T60 lights as well as C8-style lights; bigger reflectors and way more throw.
Have e-Mailed the two venders and asked Cancel order.
Now Thanks to Garrybunk, Johnny Mac and others I am looking at Manafont sku# 5720 UltraFire cree T-6 3-mode LED drop-in module 4.2 V max. Price $16.21.
And need help on the hosts they sell. Will wait to see what is recomended before placing the order.
All Solarforce hosts are good, the differences are mostly preferential (anodizing, battery options, switch, e.t.c.). L2 and L2T are going to be scratched more easily than L2P and L2X which use a hard anodizing (HAIII).
My personal favorite host is this: http://solarforce-sales.com/product_detail.php?t=FB&s=42&id=291 . It is not HAIII but it is a beauty. On the other hand I am very happy with all my solarforce hosts and I think you are, also, going to enjoy any solarforce host you choose to buy.
As for the dropin, the one E1320 is suggesting is a great option and a favorite of many forum members:
The solarforce dropin you mentioned:
...is not going to be as bright as the manafont one. But, it is good too, and because it draws less power, it is less likely to burn the switch (many solarforce switches are for 2A max draw, manafont dropin pulls 3A+, and while I never burned a SF switch, I consider it possible).
Lighthound has the same solarforce L2T for $18, but they charge shipping if you don’t order at least $75 worth of stuff. But their stuff will get you you in 3 days if you are in the USA.