I've heard reasonably good things about the Digitech GSP1101. You'd still need a foot controller, so I'm not sure if that falls out of the cheap category, but it's gotten pretty good reviews on Harmony Cenral, is a rack
effects processor, and isn't too pricey. It's strengths are more geared towards amp modelling than effects, so that might make a difference. YMMV and try before you buy.