Hi,
Hope you haven't bought anything yet?

I will tell you EXACTLY the compressor to get you will love and will work awesome with your 488. You should get a presonus bluemax. New they are a little over a hundred and on ebay it's possible to find a used one for about $90 or so. Why the bluemax?
1.) has presets for all instruments so you can record quick if your in a hurry. Also you can switch to manual and set all the knobs if you want. Has two stereo mix down settings as well. Unit is made in the USA. It has an well written manual you can just download from there website if you need one or want to know more.
2.) This particular compressor does VERY well for
acoustic guitar and vocals for home demos. This things does as well as your going to find for anything a $1000 or under. I use it on everything for home demos both with 488 and recording with protools. Super easy and quick to get a good sound with. It also does double duty if you want to play out with. It's like a swiss army knife.
3.) With your $200 budget make sure you set half that aside for a good tube preamp. I use ART MP OPL which for the money and using with the 488 are perfect. Preamping helps keep noise to a minimum and get the maximum compression.
4.) I've tried several other compressors with the 488 and did not like: ART tube optical and several rack mount ones. I found myself using the bluemax all the time for everything. It's just easy to use, sounds great for home demos and very quiet.
5.) bluemax can do very transparent compression or really squash stuff at 20:1.
Hope this helps. I tried a lot of compressors with my 488 and the recording combo I like the best for acoustic/vocal is: shure 57+art mp+blue max into the 488
RNC are nice but I think the bluemax will do pretty much the same thing for half the price. Make sure you set aside half your budget for some type of preamps infront of the compressor