its the age old question for double duty, PEDAL STEEL, "NOT A LAP STEEL", and a Telecaster.
The obvious answer always comes back to a Twin reverb which may be the standard for double duty.
The HR Deluxe is fine for the Tele but as stated comes up short for the Steel with regard to headroom. Really short.
But you gotta define cheap, is it $200 or $1000 ?
A nice alternative to the HR Deluxe is the HR Deville 2x12, a bit more power and a bit more headroom. A bit more weight as well ! If you like the tones from the HR Deluxe the easy answer is the HR Deville. I own a PV Nashville 400, PV Nashville 112, Blues Deluxe , HR Deville etc...for double duty , ONE amp, it will be the HR Deville. The PV amps are excellent for Steel but I do not prefer them for the Telecaster , others do, so it's a personal choice. If I'm on a Steel only show, big room or stage, it's the Nashville 400.
DO NOT bother with modifying the HR Deluxe , the inherent 40 watt design and minimal headroom does not get fixed for PEDAL STEEL. I ran around that horn for the longest time, all I did was buy new tubes and new speakers. The reality fix was upgrading to the STOCK HR Deville . That was simple ! It's a great amp, very close to a TR.
IF you are ok with the weight of a TWIN for your everyday purposes , which covers any and all gigs, go grab one, any of them. I toured the NE with the same 1970 TR for over 20 years. Rock Solid. I don't tour anymore and the gigs are much smaller so I recently sold the 71 TR I had been using.
On some gigs today, ( moderate rooms ) for double duty, crazy as it sounds, I carry two amps, the N112 and a Blues Jr. Two rigs. Don't laugh, I played a monthly show for 3 years with this 2 amp rig. It fit the bill perfectly. Use what works.
Lately I have also been using a DV MARK 50 watt head with a 1x12 cabinet for small rooms. Very nice for the Steel, acceptable for the Telecaster. I like it but it may not be a long term answer as nothing beats a tube amp for the Tele. The smaller 40 watt amps like the Blues Deluxe also fit this bill but for bigger rooms they come up short on headroom for the Steel. And that is a huge annoyance for any steel player.
At the end of the day , all the double duty guys are trying to do is find another "TWIN REVERB" in a different box. But that doesn't stop me (us) from looking ! Apparently we all want a Fender Tube amp tone for the Guitar and a PV Steel amp tone for the Steel ! Quite the conundrum !
If I could only have ONE amp, for all purposes, it would be the HR Deville. It does the job.