I definitely can't afford a leupold, but i wish i could.
I found a swift 4-12x40 for $125, seems like a good deal. I've heard from many that their quality is on par with leupold, but that their FOV is often smaller.
I also found a simmons 6.5-20x44 in the 44 mag model for just under $100, and i've read it's supposed to be a better quality line than the whitetail classic. I'm sure you're right about too much magnification--I do plan on making the occasional 350 yard shot, but most shots will be well under that range.
I'm leaning towards the swift right now, but i'm just not sure...