There was a cheapie just like you describe in FWW a while back (I can dig out the ref if you want) I built one and it's great. Solid like a tank. I finished it with several coats of shellac and a lot of soya-bean oil. No glue ever sticks to it. I drilled a grid of dog holes in it, but add more as I need them. I did not keep track of the exact cost, but it cannot have been more than $50-$60.
For the moment I have only 2 Chiwanese vices fitted, one on the end and side. That will change, but it's OK for the moment.
I also built a lot of bench accessories from "The Workbench Book" and "Making Workbenches" Both are must-reads.
Barry Lennox