If I were buying a budget ESC from Hobby City I would get this one:
http://hobbyking.com/hobbycity/store...00A_w/_Reverse
However if I were you I would save your money for a while longer and get the MMM 2200 combo. Less headaches in the long run. I understand how you feel...I was once in the "budget" mindset. You will get better quality stuff that will last longer if you aren't buying "budget" components. Just my advice... Been there done that... :)
You will deffinately need to run your batteries in a 2P configuration.