Uncle Pug, the light head I'm currently using is an MR16, which is nice and compact, but not focusable. With a narrow (10 degree) spot, it is definitely capable of signalling. However, the larger the reflector, the more "usable" light you have. The 3" diameter focusable test-tube light heads are more efficient, and can narrow the beam down to about 6 degrees. That is going to be my next light project, and is definitely easier to build than an MR16 or MR11.
Detroit Diver:
Jack, if you don't have a lathe, you really have your work cut out for you (no pun). Make the bottom cap as close a fit as you possibly can (the top is sealed with an o-ring, so it doesn't need to be perfect). Use lots of adhesive. I mean, be absolutely messy about it. You can clean it up later. After the cap is glued on and cured, push the can down into water most of the way (don't let any water get inside) and hold it there for a minute or two. See if any water weeps in. If it does, use aquarium sealer, or marine Goop, to seal the cap/tube joint inside and out. That will fix small leaks, but big leaks mean start over. Good luck.
Joe