While slightly (50%) above the OP's named budget, I made a guitar to interpret Ervin's Mod-D concept a few years ago. I have sold it twice, and have it here FS again! It is made from Pernambuco, and can be seen here:
https://sexauerluthier.com/Mod-D-2017.html
I like it a lot, but do not confuse it with a Bluegrass guitar, it's not that.