since you are interested in the different variations of virtual surround sound you may find this thread worth of mention
http/www.head-fi.org/t/704775/a-comparison-of-different-virtual-surround-sound-on-the-same-audio-track
i have not heard much about dts ultra pc ii but did manage to find a video with it off/on you can use on a standard pair of headphones (just like you can test for the other types of virtual surround too)
https/www.youtube.com/watch?v=vUb9oZ_7ssQ
generally most of the so called surround headsets sold nowdays are all virtual and use software to emulate surround. they are basically just a stereo pair of headphones using this software so that they appear to be surround sound equipped.
to answer your question, YES there is a difference to the different types and they will all sound slightly different. the most popular currently is cmss3d (which is now SBX now) and dolby headphone in a close second. often people prefer one or the other based on how they like the sound and like many other things can vary from person to person depending on taste and preferences. i would encourage you to listen to several different on/off or comparision tracks (youtube for virtual surround comparisions) to get an idea of what you like and dont like.
generally all virtual surround introduces some distortion to the sound to achieve this affect, as well as games already having some functions which achieve a similar effect which is why some people running good quality stereo headsets and headphones choose to not use it. personally i'm one of those people since i find that the tonal differences between front/back, volume difference front/back and distance and left/right location are enough to judge. i find sound quality without any distortion and hearing the sound as it was created to be most important to me. many however do like the virtual surround element. this is personal choice.
using a stereo headset with virtual surround software and using a headset with a built in soundcard with the software are going to be similar provided they use the same software, the notable differences being if they use a different type of software for the virtual sound processing which you can note by listening to the sample tracks. the biggest difference would be the quality of the soundcard. if you have a good soundcard in your pc you will get better quality sound by letting it do the processing than in a cheap soundcard found inside headsets. if all you have is onboard sound then they will be about equal sounding and pretty much a moot point (in your case it should be about equal)
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on a side note you may want to look at the hyper x cloud headset which runs a fair bit more than your budget but may be worth noting as it gets some pretty good reviews as far as quality of sound is concerned. its considered (one of) the best headset under $100usd and you can try the dts ultra pc ii on it.
this may be more than you want to spend but it is worth noting.
the gamecom 780 also scores high reviews but has some known software/driver issues relating to its virtual sound that i'm not sure if ever were fixed or not.