I am a big fan of dummy cording gear to myself and I am a big fan of Gear Keepers. I use their retractable lanyards to retain all kinds of important gear like a GPS unit when hiking. Their lanyards are easily the most robust and trustworthy retractable lanyards that I have used. Now, those retractable lanyards are available integrated into MOLLE pouches.
The Integrated Retractable Holsters come in three sizes: small, medium, and large. The small should work for smaller flashlights and the medium should work for larger lights, GPS devices, and maybe even a monocular. The large is designed to work with a radio. The pouches are also available in two colors, coyote brown and ACU camo.
If you have ever lost something important in the field, you will want to check out the Gear Keeper Integrated Retractable Holsters on GearKeeper.com.