There are lots of reviews and general advise on Eletric fiddles on www.fiddleforum.com http://www.fiddleforum.com   I own a 4 string Bridge which has a neck and fingerboard just like an acoustic (I did have to save up for a long time!) It's great - it has active circuitry so it plugs straight into the mixing desk for gigs.
personally I wouldn't spend less than £400 on an electric fiddle, £69 is ok for mucking about with, but i think you would find out it's limitations very quickly.

Sarah