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@rab
Maybe depends if you want an ongoing project or simply want to buy something and forget about it..?
I recently had my commuter/hack bike completely written off in a crash and have gone through a similar(ish) process to you in trying to replace it. For my budget, it seemed to boil down to a decent frame and cr@p parts, or a cheap frame and useable parts. In the end I've gone for a Fuji Track. You can pick one up new for £350 but I'm spending around £350 immediately on upgrading parts along with a few bits and pieces I have lying around. When budget allows, I hope to transfer the parts to a decent frame, rebuild the Fuji with the stock components then sell it on.
So long the bike is a decent fit, you'll end up "growing into" your bike anyway. I bet there's one of these you really "want" - whether it's the best for you or not - just get that one?