Lightscribe does not give you color image, but shades of gray.
Any of the Epson printers will print in color on ink jet discs.
Also some of the Canon printers can print on CD/DVDs. However, this function is disabled on printers sold in US. Can be modified. See discussions on the site on how to do this. Don't ask me how to do this as I use Epson.
I am currently using an Epson R280 with a continuous ink system.
The price range you mention (under $150) is ok for this type of printer.
I paid about $100 for my Epson R280 with CIS on EBay.
Read the posts. You will find discussion of many printers here.
Hope this helps.