Well I have seen excellent condition PH5C sights go for around $250. Keep an eye out, you will find one. They usually come up on ebay. Dont settle for anything less than a complete sight.
In regards to the AJP being "better" than the PH5C, here is what I found on milsurps.
"The TZ4/47 does not pull the elevation screw into engagement in line with the barrel like the 5C (which leads to a twisting effect in engagement of the rising dovetail). Instead a strong spring loaded lever pushes the screw (and the rising dovetail) sideways out from the action. This maintains good bearings on both side of the rising dovetail and equalises wear.
Unlike the 5C you don't have to undo/retighten the lock screw to adjust the elevation setting. A better functioning and better built sight than the 5C in all respects"
