Yeah, if there's hardly any flexibility in your budget then you'd be better going with a logo template and then think about getting a custom design when you have some money coming. A logo template is twice your current budget at about $30, a decent custom logo would probably be a minimum of five times that, ten more likely. Maybe more.
My issue with the name is that it sounds like 'wee wee' which is a childish way of describing urine in a few western countries. Fine if you're not looking to expand, but I'm not seeing many A-Listers on the red carpet at the Oscars wanting to answer the "what are you wearing?" question if they've got one of your products on.
I could be wrong.
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