I almost finished building a small pedalboard to use it for small gig with only the necessary pedals. I did it using my spare pedals except for the compressor. At the moment I set up the following pedals:
Korg tuner
MXR Dynacomp
TC Electronic Corona Chorus
Boss DD-3

I only own 1 compressor so I would like to place the dynacomp to the other pedalboard while getting a budget compressor for this pedalboard. I am willing to spend around 100 for a comp. I use it as always on as I play a lot of clean stuff. I play a HH Telecaster into a Fender HRD. I also use the Dynacomp as a boost into the MXR overdrive to get a compressed distortion sound for lead stuff occasionally.
check out http://www.ovnilab.com/ and http://www.ovnilab.com/reviews/toppicks.shtml for a database of reviews of compressors. I would avoid the Digitech Main Squeeze compressor. It's cheap and cheapens your tone - artificially boosts your tone and introduces noise and hum. I've been happy with the Seymour Duncan Double Back. Slightly more expensive - got one 2nd hand for about £50 - but well worth it. Clean and natural sound and, more importantly, allows you to mix the compressed signal with your guitar signal.
If you can find one, the Biyang CO8 compressor is dirt cheap but awesome.
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