I strongly recommend Spyderco sharpmaker.It may not be the cheapish sharpening tool you asked for, but it is probably one of the best sharpening product I owed and most used. It requires minimum setup, easy to learn and use, and yield great result. I owed Wicked edge and worksharp, in comparison, you do need to learn how to set it up correctly for each new blade(WE) or it may ruin your grind/blade quickly if you are not careful(worksharp)It is no doubt the best 60 bucks I spend for knife care products. It can also easily sharpen serration n chisel as well.And yes, those rod like sharpener are good for serration. But do be careful with the grit and angle, which will affect the grind a lot.
I also have and use the Sharpmaker it's really nice and does the job (with a little time and practice)but what I use now is this:(Image removed from quote.)1 in. x 30 in. Belt Sander (Central Machinery) I got from Harbor Freight like 6-7 years ago (for 25 bucks then but still inexpensive now, like 40us now)now you don't use the belt(s) it comes with -NAY NAY- (too coarse), you buy better finer ones (like from Lee Valley) you get finer grits and you "PRACTICE PRACTICE PRACTICE" on old kitchen knives and anything you don't really mind messing up because it will EAT your blade up fast if your not careful but when you get it down and learn your angles and how to maintain a steady hand you get blades extremely sharp and done really fast.just a suggestion I learned from knife forums and from people who do a lot of blades. it's not expensive or hard to learn, just takes some practice and a steady/safe hand. Good luck