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but just can't afford the other $3/sq ft to poly the floor.
??????????????? Are you saying the flooring contractor wants $3.00 per sq.ft. JUST to apply the polyurethane finish? If that's the case, get other bids man. I do the whole job (including the sanding and finishing) for $4.00 a foot, including ALL the labor and materials and taxes. And some consider me too expensive because they charge less.
As to the look of finishes, no waterbased looks like oil, really. But you can put some waterbased over oil to get much closer and not have to bear with the odor for the entire job. If you can get your family out of the house for the weekend, apply the oil ( Bona Dri Fast polyurethane SEALER ) and after a few hours, overnight is best, buff it smooth and apply Traffic or Eon 70 or Mega. The smell will be gone. Eon 70 has the LOWEST VOC's and still a two component urethane. Not quite as durable as Traffic but good. As for cheap OMU, Bona Woodline Oil Modified Polyurethane is tops for price and durability. And Dura Seal is good as well, just costs more, dries slower, and takes more coats. I prefer Woodline.