-Mantis at $150? If you can, get one! I've spent a lot of time in front of one; highly recommended!
-Dental loupes might be good. After all, people who rely on good vision use those to earn living, and they are not limited by budget...
I now use a stereo microscope, so I don't have first hand (eye?) experience on loupes. But in general, microscope, loupe, or camera: You do want 3d. I guess that comment means that I think any camera solution is mediocre at best. Depth of vision is also important; you want a couple of inches at least, the more the better.
For magnification, the Mantis I used so much had 4x which was mostly ok. It had 8x option at a flick of a lever, and I did use that every now and then. We did have optics for 20x; to use that, you needed to unscrew one optical piece and replace it with another. The 20x was too much to work with: too narrow depth and too small work area. I used that very seldom and only for inspection. My current microscope is 5x. I do have 10x easily available, but I have used it only once in two years, and that was for inspection, not working. I think this is a long way to say that I find 5x to be optimal for SMD work. 3.5x is likely ok, even though it might be on the low side. It might be a good idea to use lower magnification on loupes than on static mounted microscopes.
You do want adequate work distance. As noted, it is not a good idea to put your nose too close to the fumes. Also, you do want the room to freely move your hands and tools under the whatever vision aid you have.