Given that budget? Look for a used-good-condition EdgePro Apex. They can be fairly easily found in the ~$150 range, and will handle any knife-sharpening task you could ever ask of them. Not as fast or easy as a powered system, but a great way to both get ABSURDLY sharp edges, and to learn how to sharpen without buggering up good knives too badly. It was my first serious sharpening system after I became disenchanted with my Sharpmaker for actually SHARPENING knives. As Acerazor said "sharpkeeper" would be a better name for it. Does very well for keeping an already-sharp edge in good shape for a long time, but if you actually need to sharpen a knife from dead-dull, you'll be at it a long, LONG time. The rods are just too fine to remove metal at a decent rate.
Don't get me wrong, it's a tool VERY much worth having, it's just not much for actually sharpening a knife unless it is already in pretty good shape, with bevels that match or exceed the pre-set ones on the Sharpmaker. Me2's suggestion is a very workable one, before I got the Apex, I used a DMT plate for that exact purpose. Knock the bevels back freehand on the DMT, then put the edge on with the Sharpmaker. It typically did not make a PRETTY edge, but it made a very functional one.