Hi Jaybird,
Back in June I purchased my first smoker , it is a horizontal offset - The 20" Oklahoma Joe Longhorn.
I got it at Lowes for just over 400 bucks. Granted not between 150-300 bucks, but certainly below 800 bucks.
Now while it is an "ok" smoker, it has some weaknesses that will a little mod work can be made into a very good smoker for the money.
Weaknesses:
The area where the cooking chamber lid, and firebox lid, close on the unit leaks - ie not the greatest fit.
The gap between the firebox door when closed and the firebox, is fairly large - not good when trying to control the draw through the dampener to control temp.
The area where the smokestack enters the cooking chamber leaks.
The temp variance from the right side of cooking chamber, to left side, was fairly large.( guess typical for horizontals perhaps).
The mods I did to improve:
Applied a Nomex gasket to the firebox and cook chamber, practically eliminated the leaks there.
Ordered a custom convection plate from Horizon they make for this smoker to help even out the temps across cooking chamber. Got a custom charcoal basket from them as well.
Before I do a smoke, I fill the gap between firebox door and firebox best I can with aluminum foil. I do the same where smokestack enters chamber.
I did my first boston butt yesterday for pulled pork, was able to maintain around 240 degrees very consistently throughout the day. I am pleased with the end result. The additions added around 160 bucks or so. Still below 800 I guess.
Anyway just wanted to mention as an option you might consider.
You can see the mods I did to it here:
http://www.smokingmeatforums.com/t/147980/modding-my-okj-longhorn-offset-w-qview
Good luck in your quest!