Hey Shawn,
I agree with Andy, to a point. The Thompson style vise is great if $$$ are a big issue, but you have to realize it's limitations. It doesn't have a pedestal so every time you use it you'll have to try to clamp it onto a bench top in the garage (which is cold and doesn't have TV) only to find out the benchtop is too thick. Or, better yet, clamp it on the dining room table and take all kinds of heck from you know who for scratching the furniture. Plus, if you want to see the belly of the fly you have to turn the table upside down to see it. I've got a Thompson vice, but it's only for show and tell.
There are a number of pretty good rotary vises on the market now for under a hundred bucks. Many of them have plastic parts and, personally, I'd prefer a vise that didn't melt in the hot California sun. To me, a Regal vise would be a good choice...probably $150 +\- online, even cheaper if used. It will hold almost any size hook securely, but I did have some issues way back when I was tying size 22 - 24's dries. That vise would send the hook flying at supersonic speeds.
You said you wanted a vise for jigs now and maybe flies later. If you are making silicone skirts, you won't need a vise at all if you are using rubber collars. If you are tying the silicone or are using rubber for the skirt (way better IMESHO) and tying with a good strong thread, the Regal would be a good choice.
If you are tying with wire, or if you are tying hair jigs or feather bodied jigs I would bite the bullet and get a true rotary vise. I would want to see and be able to play with the belly of the jig. That means a "true rotary" vise. Personally, my first pick would be a DynaKing Baracuda. It's a workhorse and your grandson will still be tying on it when he's receiving Social Security. $250 - $350 new. My second pick would be the Nor-Vise. Way too cool to get into, but you can Google it. $250 plus accessories.
I tie indoors on a Nor-Vise, jigs in the garage on a DynaKing, and a small Renzetti when traveling.
