I don't think that you are likely to find anything within your budget. AFAIK the only cheap(ish) software that can encode AC3 5.1 is Sony Vegus and that's not cheap. I would suggest trying the demo, but I'm sure you don't get the AC3 encoder as part of the demo version.
Perhaps your best bet will be to ask somebody on here with Vegus to do it for you (sorry I've only got Adobe Premiere else I would offer).
Mark.
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Lexicon MC-8B. L/C/R: Blue Sky 6.5's, SL/SR/SBL/SBR: Blue Sky 5's, Sub: Velodyne DD-15
Panasonic NV-HS830, VTX-D800U via TiVo, Arcam DV29 & Sony BDP-S500 > Lumagen VisionHDP > Panasonic TH-46PZ85B. Marantz RC9200
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