I bought a 100mm diameter Angel Eye led array - essentially a circular LED array that is normally for aftermarket use around car headlights, normally always on as daylight running lights.
I then created a simple MDF housing for the light that bolts to the spindle on the same bracket as the magnetic strip for the spindle measurement on a Sieg SX2.7 - more details: Sieg SX2.7 Angel Eyes
This housing shields your eyes from the side and bounces the light back onto the spindle.
With the 100mm diameter array it creates a uniform light on the end of any milling bit that is just brilliant. There is no flickering that I have observed to date and it is really cheap. I would like to use this MDF holder as a prototype for an aluminium holder and shade as I could make it thin and very light.