I have a nice Martin, and old Yairi, and a $129 Fender. I use the Fender mostly to do open tunings as such. I have recorded with all three, and the Fender holds it own for its value and purpose...
I think you could get alot more for the money if you were in the $150-$195. At such a low price, you'll get so little value for the money that it will actually cost more for you to have it. Make sure that you include at least $25-$50 for getting it set up, and make sure that you are in a humidifier. Those two alone will help get your $175 Ibanez to actually be workable.
Wait another 1-2 months and save just a little more money- you'll be glad that you did.
$175= "This one is pretty good. It sounds OK and it definitely does the job."
$100= "I hate this piece of crap- please put some kerosene on it an blow it up."
Know what I mean?