Guess it depends on which one you mean by "basic"?
Can you tell us the canister model name and number that you are interested in for $120?
I've read reviews that stated the Eheim Classic 2217 is as good as the Pro III series and you'll save a couple hundred dollars.
But...
If you don't mind spending the "coin" get two Eheim Classic's @ $120 as long as you get around 5 X turn over per hour - combined.
By having two filters you can alternate cleaning them and 2 intakes & 2 returns will give you more flow around the tank.
That's just my

about it.
Congrats on your new tank!
alicem