Actually, I ran one of those on my XCR up until about 2 years ago. During the low-light portion of a course, I figured out that it didn't have enough umph in the way of range.
Something more 'directionalized' is called for IMO.
After that, I started trying lights just to see what I could find that would work. What I wound up with was a Tiablo A8 special edition with the 'one stage tactical forward clickie' (I had to learn to speak flashlight to get what I wanted - that means "like a Surefire" HA!).
These things pump out about 250 lumens, with great throw. Let's just say that anything I need to shoot at is lit up. They're STINGY on batteries too.
You can pick up the A9 now, the A8SE is long gone. The A8 was optimized for use with 18650 batteries - which I do use. They last just over 4 hours (!!!).
I got mine from Batteryjunction.com, but they're out of the lights themselves. They've still got the clickies though.... that and an A9 from ebay (note, I haven't bought anything from the hongkong sellers, and can't recommend them for that reason) would be well within your spending limit.
FWIW