Dan,
I would concentrate less on the "type" of steel, and the grind, and more on the quality of the razor. You can take the BEST type/quality of steel, and the perfect grind suited for your needs, and have poor heat treating, grinding etc - and have just a highly mediocre result.
PERSONALLY, I am not overly impressed with wedge razors. Yeah, they are heavy, extremely rigid/robust, etc - but they can also be very tricky to hone, and in my opinion do not take as delicate of an edge. The whole popular trend right now is really big, heavy, robust large bladed razors (read: wedges) and while they can/will deliver a superb shave and tend to work well for very densely bearded gentlemen, there is a reason why pretty much all of the razors manufactured today are at LEAST 1/2 hollow, but more typically 1/4 or full hollow ground. Take for instance Dovo... they only offer one model in a wedge, and it is more of a "hair shaper" model, that only comes in small sizes from 2/8-4/8 with a french point, so being a wedge helps it get through hair, and the weight/heft is somewhat practical - but all other Dovo straights currently offered are 1/4 and below ground.... which are harder, and more costly to make. Thiers Issard offers NO wedge style razors, and to my knowledge, and according to their marketing material, has never offered a wedge razor, as they feel they cannot develop as fine an edge and are a much "lower" grade of razor they prefer not to associate their name to. obviously TI and Dovo aren't making a whole bunch of wedge-style razors for a reason..... they just aren't all that amazing. Also - notice NONE of the super high end razors are wedges? You won't see a wedge from Maestro, or a damscus TI or the like from TI.
Sure... if you are a wolley mammoth a medium sharp wedge will spank the pants off of a SAME SIZED full hollow, however if you have a much larger full hollow - IE a 6/8 wedge, versus a 8/8 full hollow, you'll get about the same affect, with the ability to develop a much finer edge, with less hassle.
To each their own, but it is my opinion Wedges can be good.... but they aren't all that great - and i've got probably 1/2 dozen of 'em (and some terribly nice/expensive ones at that) and even when they come from the most prestigious honemeisters, I can still develop a much superior edge on one of my 1/2, 1/4, or full hollow ground razors with ease.
Unfortunately within your price range, I don't really have a proper suggestion, as any razor in that range (in decent condition) is going to have to be an Ebay razor, so you'll have to throw in the cost of professional honing, and cross your fingers a bit on what you buy, as any "prestigiously" branded wedge bigger than 4/8 (like a W&B or Frederick Reynolds) is going to pull in more than $40.
Personally, if it were me, I'd be patient, save a little coin, a purchase a "Shaver" grade (not super fancy/full of frills flashy razor - but still a reat shaver) from Dovo or Thiers Issard for around $70-90. In that range you can get a 1/2 hollow TI (which is going to be a REALLY damn stiff razor, and will take a hell of an edge) or a Dovo 1/4 hollow like the Dovo Special (see the review in the review section) that will also be mighty stiff, and take a hell of an edge.... and most importantly they'll be easier to maintain, much more docile to use, and in my opinion (and in TI's & Dovo's) will deliver a much finer shave.
If you get a new TI or Dovo, pm me, lemme know and i'd be more than happy to hone it up for you gratis if you cover the shipping
Hope this helps.
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