Interesting solution Deg. I sort of like the clean sound of the under-saddle pickups, but ended up with a tenor without one, so...
Having Scottish blood on my mothers side of the family, my solution was even cheaper - I just installed a
JJB PPS-100 passive acoustic pickup on my tenor, which came with no pickup. It was $14.99 with free shipping. Being basically a microphone, it delivers whatever sound you make on the instrument, and not just string sounds. That can be a problem for some because any banging on the body comes through and it is much more prone to feedback in noisy environments. I am very pleased with how "acoustic" these pickups sound, however. The type of sound you want is something often overlooked when buying a uke with a pickup, but if you have a uke with an under saddle pickup already and want acoustic sound, then something like the A2 is a good option.
Of course, I don't get all the cool effects the A2 gives you, but since I record with an H4 and Audacity, I can make my tenor sound like Metallica that way lol. Here is a small sound pickup on, pickup off, sound sample I recorded with it before. I guess I should have turned off the reverb to give a true acoustic sample.
http://www.box.net/files#/files/0/f/0/1/f_546345658