Despite BI closing this an unable to reproduce, I have confirmed this in VANILLA, across 5 different PCs, all with different hardware.

Steps to reproduce light projected off center

• Tap L to equip flashlight in hand

• Hold L to turn on light (while still holding in hand)

It really is that simple and can reproduce this in VANILLA 100% of the time.

Steps to make light project correctly

• With light on body (NOT in hand) Hold L to turn light on

• With light still on, TAP L to put in hand

Note that light initially projects off to the left but then floats over to center.