Thank you everyone! I finally have achieved more or less the look I was after... now it's just a matter a fine tuning the settings. That tip about the inverse square solved pretty much the problem I was having. I'll probably end up photoshoping some flames in, but overall effect on the walls on floor is what I was truly after. I really appreciate all of your help!

Zanzo, to answer your questions:

No ambient, just a point light (30% intensity):

Just ambient, no point (ambient value:100)

Just ambient, no point (ambient value:500)

Combination of both (Point, 30% intensity; Ambient Value: 100)

Both just the point light, and the combination of both appeal to me; or rather, specifically the way the torch head looks. I'll probably go with the combination, and do a little post Photoshop work. Thanks for the help guys, especially you Laurie!