I'd second the recommendation of an 8-10" Commercial Ektar (although the shutters are somewhat limited and decidedly not modern), or a 210-240mm Heliar (although you'll have a tough time finding a Heliar longer than 210 in a shutter to begin with, and definitely NOT in your budget range). I know you said that you were concerned about tele-lens' limited image circle, but if you're using them for portraits, it's unlikely that you'll need movements in the first place, and if you use them for tighter compositions (3/4 length, head & shoulders, head only) they'll have more than enough image circle to cover your film. I used to have a Fuji 300T which covered 5x7 with a tiny bit of movement - more than enough for portraiture purposes. Unlike a standard 300mm lens where the falloff from sharp to illumination to end of coverage is gradual, the transition from useable image circle to no image was fairly abrupt. Here's an example where I shot a triptych of 5x7 negatives with that lens - http://www.apug.org/gallery1/showima...imageuser=6785 . You can see clearly the effect at the edges of the image circle. Also, there's something funky that happens with movements with tele- lenses because their true nodal point is not at the iris/lensboard where the movements are happening but somewhere actually in front of the lens. With rise/fall/shift this is not an issue at all, but with swings and tilts it may be. But when you're using a telephoto lens, it would be unusual to apply much of anything other than a little shift or rise anyway.