That sounds more problematic. As part of a chase playertype, maybe, but the way the first person camera works, you'd always have a light flare right at the top of the screen.
the flashlight's light is already directed (mostly) by the player's head, just have a hardhat model mount to the head instead of a flashlight on lhand
of course flailarms anim makes the light shake. also only the host will get the flare on their head -- first-person camera is in your torso anyways, not your head, so you will never see your own head-mounted items