Electra used to sell a LED bullet headlight, but those links all say "out of stock" now.
A few places still show one, and some seem to indicate it's being distributed by Nirve.
Here is one-
well I was gonna post links, but I can't do that so sorry, not much help.
(the Electra light cost around $30 also)
There is a incandescent version of this light available widely for $15-$20, usually listed as from Pyramid:
there was a link here too, guess you can just search Google then
I bought a couple of these lights for my first m-bike project, thinking that I would just convert them to LED if the bulb was not bright enough. Well,,, firstly, the bulb is pathetic, requires like six volts and is very dim. The next problem is that converting it to LED use would be pretty difficult, I couldn't do it at the time and gave up on them. It's hard to explain and I didn't take photos, but the way the internal parts are made does not lend itself well to modification. I ended up just using the regular Cateye headlights as they were.