I always warn people that this "cheap" path has one fatal flaw. You
cannot use a non-FAI approved recorder for badges, records and many/
most contests. And any SSA sanctioned contest requires that the PIC
holds a silver badge (correct?) - which means that all contests
require an FAI approved logger at some point in time.

So there are lots of inexpensive choices for GPS's which do recording
and may work for OLC, but you might end up with a white elephant. Of
course you might be able to sell it on eBay.

Unfortunately, the FAI approved loggers are not cheap. $730 for the
EW Microrecorder is the cheapest I know of (pretty nice really). But
I have a problem with loose boxy recorders floating around the
cockpit.

So I recommend a path that you can grow with and has some extra
functionality to boot.

1) PDA that can run some soaring software. $100-$500. Find one on
eBay. Must have a CF slot.
2) Some soaring software. Some are free. Glide Nav is pretty cheap
$95 and produces IGC log files (non-FAI). Better than terrestrial GPS
units or even aviation GPS units as it provides you soaring optimized
data, turnpoints info, flight planning, etc, etc.
3) A GPS source. The least expensive solution is the Holux CF Card
GPS for $90 which fits right into the PDA.
4) PDA cradle with suction cup ($100)

So for $400-$800 you get something that is usable, portable, produces
log files, and is grow-able. Growable because when you do decide to
upgrade to FAI certified all you need to add is something like a
Cambridge 302a ($900). This will be your GPS and gives Glide Nav
extra info plus other features. Go to the Cambridge 302 and you also
have a flight computer, audio vario, etc, etc.

See http://cumulus-soaring.com/cai_302a.htm for an idea of the end
product.

My $0.02. Good luck.

- John DeRosa