ORIGINAL: kingaltair
This reply will probably generate a lot "raised eyebrows" and snickers from some pattern pilots, but for the price you quote, get one of the new World Models Intruder-90 models. I just got back from an SPA pattern meet, and have seen these planes perform, (if everything is built straight and set up properly--send parts back if they are not--quality is generally good), it will do whatever you need.
I have a friend that entered one of these "little" Intruders, (original first generation, with certain modifications he made THAT WERE ACTUALLY ENGINEERED INTO THE NEW AND IMPROVED SECOND VERSION), and he won his AMA pattern event against some wide-body competitors. Be sure to balance just forward, (1/4 inch), of the main gear. The new Intruder makes a great introductory pattern trainer or backup/practice plane. At $199, you can't do better for the price.
A .60-.90 2-stroke or .91-120 FS is more than enough power. The Intruder has just been re-released by World, and will be discussed in the July issue of Model Aviation, and likely the September pattern column by Eric Henderson.
Duane
Here is the "press release" picture of the new Intruder