I would get the 16x5v6 if i were u. ( I have one and its awesome and I can go on forever about what so cool about it.)
I know you said its out of ur budget.
But think of it as an investment to save your battery packs. A good pack cost anywhere from $40-who knows how much (only depends on how badly you are into this rc racing thing)...
A $180 charger to protect and extend the life of your $40 batteries, is a good investment. (Most ppl have at least 4 packs, so $180 to save $160, is a good deal.) And even more important if you have even more expensive batteries.
Basically, i think u should judge how much you spend batteries to decide on a charger. If you play with matched packs, a good charger is a must. If you just playing w/ 1800mah stick packs or something, then any old charger will probably do. But my sorta "guideline" is:
4*(price of batteries)=(price of charger)
As for the 16x5, my advice is don't be cheap, save an extra $50 from somewhere else and buy a 16x5v6.
But like the name says, I am a newb. So u should wait for the pros to give u some real advice....
But those are my 2 cents.