It will not include the inner TBB your looking for. So it will actually run you $50 high.
I would compromise on a shorter 6.03 TBB around 400 mm. (The best TBB I have used are the Prometheus stainless series which are more accurate than my brass TBB's...but I also polished it which has given me very tight spreads I am proud for.
For the hop up. A lot of people just like to install the neo when they do not need it. I would actually try investing in a angled bucking
http://www.airsoftatlanta.com/product_p/44152.htm Which are designed to evenly distribute the air around the bb as it is leaving the chamber for a more uniform flow giving you pretty good accuracy in return. I am not sure which angling would suit you, but I'd imagine 60-65 degree would be fine.
IF You plan to do a real M16 conversion, you should get a non-ported cylinder.
And lastly purchase heavier bb's They will not cost much more than regular .2's but the weight will give your bb's more inertia and accuracy. I recommend .25's
This should all be closer to your budget.