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An FR10 is $500 and an FR12 is $600. Cheap enough to warrant consideration IMO. :) Shop around and you can probably get either of them under the stated budget of $500.Would work well I agree, but likely out of budget don't you think?
But I've resigned myself to the fact that I don't really understand where this thread is going. Maybe I didn't read along closely enough. Maybe the genre caught me off guard. Your last mention indicating that Ian wants to run guitar and bass to run through the same cabinet had me shaking my head again. Regardless, the FR12 suggestion was roundly dismissed for reasons completely unrelated to cost. Why it's any crazier than a 1x12 Katana or Catalyst or Mustang or ZLX or anything else... We may never know.
(Or maybe you were referring to my recommendation of a 2x12 and power amp, in which case a) never mind, and b) budget would be anywhere between $10 at a yard sale and $3000, season to taste.)