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Rack compression

No, the 266 gate is inherently bad. I have owned dozens of gates, for comparison.

For real. I'll mix a band on whatever combination of beat up gear held together with duct tape you have. The closest thing to a 'specialty' I have doing live sound is making a no budget punk rock or avant jazz show work with whatever can be scraped up. I've got a pretty nice little rig put together now but in the past I've used every cheap Sonic/Mackie/Pyle/Phonic/Tapco/whatever POS you can name and the show has sounded just fine.

100 out of 100 times I'll take nothing at all over a 266.
 
Sorry all I'm confused. So is the DBX 266xs worth the $149 or not?

I'd really like to kepp it as low as possible.

No.

The 166 is fine.

The 266 is junk.

At least the 166 used to be fine, I don't know about this latest series. The old, old school 166(no suffix) is actually kinda great at what it does. The 166A and 166XL are serviceable utility comp/gates.
 
I've had really good and very musical results with a DBX163 series half-width rack "Over Easy" compressor. I see on eBay that they can easily be had for $50 or so these days. It says something that I've been using this in my rack for more than 15 years and it's still there after my trying a number of other products that were far less musical.