I'm looking at getting a drum sander also. Have my eye on the Ridgid belt/spindle sander. About $200, so it's a bit higher than you're looking at.
I have also been looking at the Shop Fox drill presses. They have an oscillating feature that lets them pull double duty as spindle sanders. The small one is about $115, Not sure if it includes the sanding drums. Might want to look at those.
http://www.amazon.com/Shop-Fox-H0625...7404363&sr=1-2