Not really, Glenn
The tactical light isn't just to illuminate and identify; it's also a non-lethal weapon, in the sense that you can blind him even worse than you hinder your own vision. Even if your open eye gets momentarily blinded, it should adapt to the light before the BG/unknown's do, since your eye is receiving reflected light whereas his eyes are receiving direct light. It shouldn't take too long for your illuminated eye to adjust sufficiently for a quick ID of friendly vs intruder.
Unless your eyes are particularly light sensitive, that is.
Meanwhile, if you decide to keep the light on, you can always open the other eye too.
I don't have the same problems adjusting to reflected light from my SureFire that you describe; I do find that it defeats my night sights, because the reflected light usually puts my sights in sharp silhouette.
However, using the one eye closed technique, you do have the option to flashblind the unknown with a quick spotlight, then turn the light back off and move to a different position, using the eye you had closed while he tries to reorient both his flashblinded eyes.
I'm not too keen on holding a steady light on the guy; it illuminates him, but it also tells him where to fire, even if he can't see you. Spray and pray around arm's length from the light by the BG can ruin your day.