Todd,
YES, cheap means you're going to get a low quality mat cutter. My STRONG suggestion to you guys would be to try and cut costs in other areas. Good quality mat cutters (as well as frame cutting & joining tools) are worth their weight in gold. Using a mat cutter that is constantly out of square and needing "adjusting" WILL GIVE YOU GRAY HAIR FASTER THAN ANYTHING. You'll save money in the long run by not wasting your time (and money) RE-cutting mats that your P.O.S. mat cutter caused you to mess up. Plus a higher quality machine will last longer. Thus making life easier to live.
I haven't used a Logan cutter before but did look them over pretty good at the last trade show, all I can say is I wouldn't own one. a few years ago I used 2 different (a 40"&60") C&H Advantage cutters (for about 3 years). I HATED both of them, more like a DisAdvantage. It was impossible to ever get a straight cut (not to mention a decent v-groove).
THEN IT HAPPENED...about 6 years ago when I bought my first Fletcher 2100 48" cutter. my life changed.. *** A+++++++++++++ rating *** Never out of square, never a "hooked" mat, the head always glides easily on it's 4 little ball bearing wheels AND it's all metal construction. Excellent design. Everyone needs a 60" cutter sooner or later so you might just as well plan on that. BUT keep in mind, the 48" cutter allows you to cut many mats that would otherwise be considered oversized if you just had a 40" cutter. I only use my 60" cutter about once a month because of that. Fletcher also makes spring loaded "lifters" that connect to the underside of your "arm/handle" that raises (and holds) the bar a couple of inches off the cutting surface (until you push it down) which will free up a hand when lining mats up...it's a MUST HAVE accessory ($25-30 definately worth it)
Good luck in your new business, I hope this helps !