Sounds like your mind is mostly made up, and you were just asking for some additional input. That's fine! Sounds like we're more alike - I often am willing to take a risk if the price is low enough. Again - the risk/reward/cost equation is something only you can make.
Personally? My upper limit would be $30 - a tank of gas. I'd be willing to gamble $30 on it. No more.
Probably all. Some will melt or disintegrate. Some will have the collet let go of the bit and trash your work. Some will work wonderfully for years.
In this situation, I'd be tempted to buy it from Harbor Freight. Knowing there's a chance that if it dies, I'd take it back.
Don't put too much faith in the bits. Consider them the "prize" in the cracker jack box. They're likely poor quality too. Same as the router, they might disintegrate and spit parts out at 23,000 rpm, they might slip out'a the collet, or they might just work wonderfully!
No. I'd say this: "A router is an essential tool in the shop. I won't spend $99 on the Ryobi when I can spend $140 for a Porter Cable 690". I'll get a quality router that fits a variety of accessories.
I too got real hung up on a Router Table at first. So much so, I spent $60 at Rockler for their mini-table. Only after using it for several projects did I realize that I really could have used a slab of MDF with a hole in it. If you think you must have a table - either spend the big bux, or go in bare-minimum (the Wolfcraft at HD).
That said that *2HP* Plunge Ryobi got a decent review from a WW rag - but I stand by my decision.
Bits - a whole nuth'a topic. I *invest* in bits and only buy them as I need them.