I went this route:-
1) Purchased some small rubber coated LED torches, the type with an on/off rubber switch on opposite end to LEDs, cheapest found to be £2 only.
2)Purchased some small magnetic stands @ ME exhibitions, I think could have been about £9 but cannot remember with certainty.
3)Purchased some metal clamp rings with a rubber – like coating (good grip). These were about 1/4" or so wide and about 1" I.D., with a small screw hole in the 2 ends.
4)Brass screw + nut to tighten clamp which was already a good close fit on torch body and excess length of screw thread inserted in to magnetic stand clamp and voila!
Two of these contraptions, one each side of mill vice, just perfect. Also one on back end Myford X – slide and on drill. Will be using them on T&C grinders soon.