I've never paid more than $100 (ok, well, after the screen, my 110L will have cost about $120) for any of my notebooks (mostly of the PIII vein), but I'm quite handy so, fixing them up is no big challenge.
Yes. You can get a T22 for about that much off the Ebay.
In fact, muhahaha, I have one I'm trying to sell, but never got around to listing it, because I need to replace the hard drive first.-- but then there's also my unhealthy emotional attachement to ThinkPads. . . .
Anyway, I've seen good working ones (T22's) go on the Ebay for about $100. And, that is about the only thing I'd recommend in that price range.