What are my best options to upgrade this light?  I'd like at least 200 Lumens.

I just bought a used Police Trade in 870 with this older light on it and got it very cheap. The light is very yellow and dim.....I would be willing to spend up to $30, not wanting to spend $100 for a Malkoff etc......

Malkoff drop in with recoil shock observing spacer ring would be an excellent choice. Lots to choose from but I prefer the M61L @ 175 lumens that runs for like 5 hours. The M61L is only $42ish. Recoil kills lights. You get what you pay for to an extent. If stay away from eBay Chinese led drop in lights because recoil will likely cause it to fail sooner than a quality malkoff. I have had good experiences with Lumens factory LED but those are all in handhelds which never go through the shock of recoil.

https://malkoff-devices.myshopify.com/collections/surefire-drop-ins-for-6p-g2-c2-etc-6-9-volts

Pony up for the Malkoff, as previously mentioned, the chicom LED's prolly won't handle the recoil