Here's a good system that Mike has for $256 together. It's an MGM80 controller with a Feigao 380c-6L motor.
http://www.rc-monster.com/proddetail...TMM80123sHCS01
http://www.rc-monster.com/proddetail...AO_380C&cat=20
However, the MGM80 is out of stock, so you could also try starluckrc.com. He has the same motor and an Mtroniks Pro controller that would also fit your budget.