By some wording in recent posts, I was reminded that the British English-speaking parts of the world use "torch" to refer to what we Americans call a "flashlight," so, I think we should make them synonyms. Or if we want to reserve "torch" for the miniature flamethrowers in case someone wants to use it for that, we should put that in the tag description.
Most people over this side of the pond (UK) would use "Torch" :) So I think what you suggest is great.
I agree - doubt that flamethrowers will feature too heavily! ;)