MegaMacs offers the Sirui T-2005X Aluminum Tripod with E-20 Ball Head and Benro Cool Walker S30 Shoulder DSLR Camera & Lens Bag/Case for $199.49. Coupon code "TriPodDeal" cuts it to $179.49. With free shipping, that's the lowest price we could find by $40. It features reverse folding legs, extends to a maximum height of 64.8", and folds down to 15.9".
With these companies, it might be easier than you think to negotiate your monthly bill down.