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Based on my experience using a f/4 Newtonian (which presumably gives a comparable fov to your proposed imaging setup) I can thoroughly recommend the Orion 50mm MiniGuider package. I realise that prices have increased since I bought mine a couple of years ago and it may now be a little over your $500 budget. But it's very light and compact. And 50mm is plenty big enough to deliver a wealth of stars in my PHD2's display even at short 2 to 3 second exposures. As importantly, its build quality is very good - it just goes on working from night to night with no fuss or bother.
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