Cheap, good playing guitar

My suggestion is, if you're going to buy a cheaper off the self guitar, put your hands on it in first.  There are some cheap gems out there.  I know, and this is too out of date to apply now, when I was working for a guitar shop in the early nighties, one of my favorites that came through the inventory was a Standard Strat, made in Mexico (I still wish I had bought that guitar, and I could've had it for $300).  It was unique in that it was closer to perfect than most of the American and Japanese Strats that I had played at the store.
 
I was about to throw my hat in toward the Schecter C-1.  I still own a C-1 Blackjack that I got for $150usd at a tag sale a few years ago and I love it.

However, I'm glad you got yourself a quality instrument from a board member. 
 
make a warmoth. as cheap as possible. that would give you a nice guitar with very low costs.
 
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