Your budget is kinda low for what you are looking for (especially the bandwidth usage). Running a game server on a VPS (especially a low level one) can be a bad idea. Although I have seen several people run one with little to no problems on mid-range and higher-end VPS systems.
Check the VPS offers forum, there are many good deals there.
That's true but as of the moment, my game server's still on beta stage and I would not want to waste my money. I'm looking at 1and1's VPS hosting. Would that be a good idea? I'm also considering The New York NOC.
Thanks for the input everyone. I'm looking for one preferably located at Los Angeles. Although right now, that's not really needed 'cos I'm still on closed beta. Am considering KVCHosting right now. Also researching VPS hosts and their customer feedback.