i've got the same regal and it works great and i also have 2 nor-vise's that are waiting to be used i would look at ebay but i love the clamp on vise's i haven't had a chance to really get into the base ones yet
i got the first one off of ebay for $100 then ordered the upgrade kit but since it was one of the original vises Norland first made he sent me the rest of the pieces for the conversion kit for free. He is great to work with and will answer any questions you have
It will serve you well. I used one for a few years but gradualy the jaws did begin to deform and mushroom a bit. I got another vice when it would no longer grip hooks well enough. If I remember correctly, it never did do a great job of holding larger streamer hooks. Clamping down on them eventualy caused it to not hold small hooks well either. Renzetti is a very good one with harder steel in the vice. I think they are around 150 for the Traveler, but it will hold most all hooks very well and shouldn't need replacing in the future.
Not trying to talk you out of the other. It is a decent buy and will get the job done.
For your budget the Danvise is widely recognized as a great value and is true rotary. I got hooked on tying earlier this year and started with a Renzetti Traveler which is a great vise but recently upgraded to a Dynaking Barracuda. IMO the Dynaking just blows the Renzetti out of the water. Should be a tool I can pass on to my grandkids! If you are just getting into the hobby the one other piece of advice I would pass along is to buy quality hackle. Whiting hackle is worth every penny. Get a 1/2 grizzly, 1/2 brown to start and you can tie a ton of flies.