I built my first blu-ray into a pocket-buddy like host.
So this is what I settled with:
Two cheep LED flashlights totaling $5 each powered by 3 AAA batteries. - AdvancedAutoParts
LM317T regulated circuitry - I put a switch on a couple resisters to get two modes: 57ma and 97ma.
Axiz module - $7
803-t laser diode from Daedal - $27 - seemed like a good, reliably source
I ended up JBWelding the two flashlights together. After painting, I'm pleased with the looks and the results. Cant beat it for $39! The only issue I see is that it requires fresh Alkaline 1.5V AAA batteries to output 97ma. The LM chip takes over a volt to operate and the diode seems to be happy at 7.5 volts, so the output is affected if the input drops at or below 8 volts. Also it required me to make a metal spacer at the end for the batteries to contact the cap spring.