I'd shell out a bit extra and get a Tele, but that's just me.
However a pink strat for $69 (I don't have a 'pounds' symbol) seems pretty good, especially as a platform for modding.
My latest thought (somewhat related to this thread) is to get a Squier Mini and mod the heck out of it, turning it into a Duo or even a Mustang-type-thing. Mini's seem to go on ebay VERY cheap.