Good luck finding something for $500. If you are lucky, you can find a used jig for $300-500. You should be able to use a standard 16" drill press - probably at least 3/4 hp, and at least 4" spindle travel.
Depending on your location, you might be able to find something on ebay. Most sellers don't/won't ship, so it's usually local pickup. There were a few on there recently in Washington state, and one in Iowa. Honestly, if something is on ebay, people from this site will bid it up higher than $500.
Jayhawk sells all the equipment - you can contact them for the price list -
http://www.jayhawkbowling.com This was the cheapest thing on the price list dated 6-15-06.
15-1180 Mini Jig W/Jet Press (110/60) 1950.00
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Haywood
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I don't need a stupid
signature. This is enough.
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