Third vote for an M1 Garand for CMP, around $350 or so
If your budget is where your budget is, I'd say do what I did:
1) Buy a Rack-Grade M1 Garand from CMP. I think they're running $350 or so now, plus $20 shipping and $20 to join the Garand Collector's Assoc (mandatory)
2) Get a case of surplus 30-06 and shoot that through it, feel the rifle out.
3) If you like the rifle, but don't like the availability of 30-06 ammo, or think a new barrel is in order, get it rebarelled in .308 (maybe $250 for parts and labor?)
Your end result will be pretty darn similar to an M14, just with a fixed 8-round mag, will be true old-school American craftsmanship, and will cost you less than $700 even if you trick it out a little.
-MV