Please note in my post I did not say what would the unit *weigh* I said how negative was it going to be? These are not the same thing. I could care less how much it weighs on land, I am VERY interested in it's buoyancy characteristics.
Also, I think you entirely the wrong idea about beam width. Most HID can lights have a beam width between 6 and 13 degrees. Beyond this the light is too diffuse for signaling, and is totally ineffective in water with a lot of particulate matter. A beam width of 180 degrees would be completely useless. The reason you see such large reflectors on many of these lights is to focus the beam VERY tightly and prevent light spill onto the diver next to you.
I don't know about the idea of using brass for a reflector. While it would be polishable, I am also wondering about whether it will tarnish over time from simple condensation.
Oh, and by the way, umbilicals get severed. Plan for it. A careless swipe along a rusty bulkhead can get it done. Or at least cause a problem.
I would strongly suggest you get your hands on a HID canister light, and try to understand why certain decisions and compromises were made in the design. There has been a lot of evolution of the product over the years. I've used a few can lights of different generations, and am VERY pleased with my current model because of the features it offers over older designs.
Best of luck in this venture.