Leon, I would say closer to 400 than 200 in your range, and maybe a bit more, though you're right it won't be a $1000 unless they're in much better shape. Obviously the HOFers cost a mint in whatever shape. There are quite a few in real beater condition from a single find, if I'm not mistaken, and they are all recognizable by a hole in the top and the same sort of moldy markings all over (I also think most have some pencil writing on them; they are all obviously recognized).
I bought two of them from an REA auction, and it cost a touch over $900 with the juice. If you're looking for beaters, you will find a bunch in this condition from the same find. I would say that they usually run about $350-550 if they're graded; I doubt you could get one for as low as $200 unless its raw and with significant back damage, just my 2 cents.
But it's a great set both in terms of history and appearance. I say go for it, why not! Even when you eventually give up, you'll be left with some great cards that are easily resold, as it seems to retain its popularity.
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