I've never paid more than $100 (ok, well, after the screen, my 110L will have cost about $120) for any of my notebooks (mostly of the PIII vein), but I'm quite handy so, fixing them up is no big challenge.
Yes. You can get a T22 for about that much off the Ebay.
In fact, muhahaha, I have one I'm trying to sell, but never got around to listing it, because I need to replace the hard drive first.-- but then there's also my unhealthy emotional attachement to ThinkPads. . . .
Anyway, I've seen good working ones (T22's) go on the Ebay for about $100. And, that is about the only thing I'd recommend in that price range.
I'm not familiar with T22s. Any reason you mention that one specifically? Is that laptop specifically designed to be inexpensive (but good)?