I would LOVE the 350. I considered it when I was shopping for one too. But I too thought it was overkill for me. And at the time, the price was not as low as what you have found. I ended up going with a VacMaster Pro 140. I think it was around $129 retail, but I got it for something like $79 when they were discontinuing the model. Don't know why they discontinued it. It's great. They never replaced it with something comparable. It is most similar to the VacMaster 110, except the 140 is a more beefed up version, with a stronger dual piston pump (110 is single piston), a wide double seal (110 has a single seal), and a pulse button. There really isn't a sealer currently on the market that is comparable in quality to the 140 in that price range.
The 110 might suffice for your needs. If you are looking in the hundred dollar range, you might also consider a Weston Harvest Guard. Don't know anyone that has one, but it is another one that I considered. That being said, you get SO much more with the 350 for the extra hundred bucks or so. It holds and stores rolls, has a cutter, is stainless steel as opposed to plastic. It will have the stronger dual piston pump, and a wider seal bar.
The 350 would probably still be overkill for me, but I might go for it given the current choices, and how happy I am with my 140. And now that I'm into sous vide, I use it even more than I thought I would. I would love a chamber vac so I could do wet things or liquids, but there is no way I could justify the price on that. I freeze a lot of soups, or liquidy things like tomatoes from the garden, etc. Currently I just freeze these things in freezer storage containers, which works just fine. I try to think...how much food would I have to waste, or how much money would I have to save, to recoup my investment in a chamber sealer. Probably never in my lifetime. I don't do enough of it. Still want one though.