Interesting,
Got my curiosity up, and made me dig out my reversing ring and M 28, 3.5; put it on my K5, and played around with a single LED flood off the side. My reversing ring is 49mm so no other adaptors in the system.
Exposure was f/8 @1s, iso 160. I used a #3 extension tube from the Pentax Auto K set as a lens hood for some, never noticed a big difference one way or the other.
The subject is a large commemorative bronze coin.
This combination does get you very close.
I played with a number of different subjects, some more reflective others not so much. This coin is the most like what you showed for a subject.
On more reflective subjects I was seeing a lot of the lens and the chrome of the lens mount in the subject. I would think about masking that off with something to knock back reflections if I was doing something critical.
Never saw anything like the flare you are getting. Don't know what to think about that now.
I would take any extra glass out of that system, I don't think filters are going to help, only degrade the image more, more surfaces to reflect off of.