If you're looking for a bike for the street for that price, I'd build the soma rush or the IRO angus.
IRO's aren't poor quality at all. Actually, I think that other than the bike islands kilo tt, they are the best bang for your buck out there.
The geometry is similar for the two, but the IRO has a higher BB.
I'd go with the IRO (but I'm partial since I have one). Oh, and there is NO toe overlap with med. mks cages on the 56cm version of the IRO Angus, but it's still light and agile enough to feel kind of like a track bike without the paroblems associated with using a track bike for street use (mainly toe overlap).
Just my .02