I just cringe when I see people trying to get by with cheap tools... My father is/was a contractor and I grew up working for him, so I was constantly using commercial/industrial quality tools and that is all we ever bought because anything less would break.
Now that I am on my own and don't have a whole lot of money. (That's something that being married and still in college will do to you! but I wouldn't change things!
) I have tried to skimp on some tools thinking that I wouldn't use them that often and/or I'm not as hard on tools as as other workers and/or the jobsite.
All I can tell you is that I have been frustrated and suffered for thinking things like this... the most recent was with the cheapo soldering iron I bought thinking I wouldn't use it much and then made a PIMETA with it and spent more time messing with it then building my amp... and I had to wait another month to get a better iron. Now I have a Hakko 936... but lack the funds to build another amp. LOL it's a vicious cycle!
As for dremels... in all honesty they are a great tool to have around and there are many, many different accessories so they can be used for almost anything. (I took a dremel to the top of my CM Stacker case... yeah it's 1/8" steel!) Drilling holes is not something they are extremely good at though. So, let me add my :2cent:
Dremels:
you should try to stick with a name brand as you can get even name brand ones cheap. And just an FYI this is one case where the Dremel brand and Sears Craftsman are the same exact thing. The colors are different. I have the top of the line Craftsman and it is the same exact thing to the top of the line Dremel you can buy at Home Depot (and they cost the same price... except I got mine on sale) With each step up you get more accessories which make the price increase worthwhile... however, you also get a better dremel. For example the cheaper dremels are single speed, but once you get to about $60-75 you can get a variable speed Dremel. Then the top of the line dremel has a more powerful motor and an easier to use variable speed. So if you look at in that light the best buy is the top of the line model because it comes with a case and lots of accessories, along with the best dremel tool itself.
Drills:
While Ryobi makes some decent stuff (used to be better) the thing to consider when buying a drill is that almost all cheap(er) drills have plastic gears inside them. Even Makita which markets themselves as a higher quality tool and sells their products for more money uses plastic gears in all but their top line of drills.
You have to make a pretty decent price jump to get metal gears, but a drill with metal gears will last much longer then one with plastic gears, so the choice is really yours. Some people can get by with plstic gear drills and get a few years out of them, but for someone like me, I'll have to buy a new drill in a couple months. Heck, I used to work in a store similar to Home Depot (wasn't HD, and I won't say which one) I sold tools to people and I saw countless people bring drills back after only a week or two after stripping out the gears. I picked up one of the 'better' drills and held my hand over the chuck to act as resistence and pulled the trigger, after a few seconds I could smell burning plastic... with just the pressure my hand applied! I wouldn't want to drill holes or drive long screws with that drill!
I've seen drills with metal gears last years, heck I've got a drill that is about as old as I am in the closet that's still kicking!
for cordless drills, you'll buy new batteries long before you buy a new drill.
I know these are out of your price range for the most part, but you can keep the price lower by buying corded drills over cordless. While cordless is nice, you pay a premium.
Brands to consider: DeWalt, Rigid, Maulkee, others, but these can be easily gotten at a HD or Sears