31 yrs ago I toured for a month on a $160 Nishiki (lowest model with aluminum rims), 44/48 chainrings to 14-36t 5spd freewheel , cheap Pletscher rack with small panniers with waxed cardboard stiffeners in them. Worked fine. Real touring on the cheap is not buying anything and fabricating items. That said I'm very pleased with this Axiom rear rack. Instead of using the stock seat stay attachment rods use regular flat Blackburn style ss straps. It has a narrow rack top but for carryingpanniers it's SOLID.
http://www.axiomgear.com/products/ge...reamliner-dlx/