Assuming your intention isn’t to input a stereo guitar (i.e. you’re thinking of beefing up some synths and making a mess of a drum loop), then I can always be counted on to recommend OTO Machines’ Biscuit:

http://www.otomachines.com/

I’m afraid it’s even more expensive, but it will do more than just distortion, and has a ton of bells & whistles including MIDI in & out (it’s a synth,too!). And it looks great.

Worth a look at least?

(To be fair though, if you’d said “I’m thinking of buying a coffee blender”, I’d have recommended a Biscuit, too…)