You could be the envy of many here and join the exclusive 100mW Blu-ray club with a Blu-ray 6x burner diode. It's a lot of risk to DIY, and I know I'm not ready to tackle that on my own, but it's well within your price range and we've read on here that it is AWESOME. Quite the exclusive club that is right now, as well. With the money left over, go for the 300mW red of an open-can in a flashlight host a la jayrob.
Just an idea. But really, if it's spent on lasers, it's tough to really go wrong.
My build is just an ‘upgrade’ of Daedal’s original build.
The differences are:
The open can diode, the heatsink, and the use of the 3 ohm resistor, instead of 2 x 10 ohm resistors and a pot. No pot, and just the 3 ohm resistor at the LM317 will give you the 420mA's. (about 250mW’s with an acrylic lens – 300mW’s with a Meredith glass lens) Heatsink needed! As well as 3.6 volt batteries. His thread doesn't mention the silicon diode and cap, but he shows pictures of those components in his build.
For me, and I'm sure many others, the building of the DIY lasers is the best part of this hobby. That's why I share the 'how to' for my build with everyone. After all, I learned this stuff from others! But if you don't want to DIY, I can help you out there too...