I would recommend your first cutting sword be of intermediate or lower quality (for swords meant to cut). You can easily make mistakes than can bend your sword during tameshigiri. Bugei, Paul Chen, and others sell this entry level, cutting-ready, shinken. I believe prices have gone up, but I purchased a machine-pressed, hand sharpened, carbon steel sword for just under $200. It has a tempered edge, and full tang, but the handle is made with simulated rayskin vice real, and does not come apart. Also has a lacquer finished, wooden saya.
**edit. I think I found it online. Its the Paul Chen Hanwei Practical Katana and is currently $219. Mine came with a nice sword cleaning kit, not sure if they still do. It certainly isn't overly ornate and lives up to its name of "practical" katana, but is a good starter cutting sword; simple menuki, no blood groove, etc.
I would hate for you to spend $$$ on a BA sword and have something happen to it during cutting (assuming you are new to cutting). I can't speak on Bugei from personal experience, but they have a sterling reputation where I train.