Can you find a great custom cue for $700 (especially if it's made to order for YOU, vice getting it second hand from a collector/flipper)? Yes. Will it shoot as good or better than a Schon? Possibly yes, maybe no. Can you get a nice Schon for $700? Yes...new low-mid end, second hand high end. Will it shoot good? Absolutely.
If you want a Schon, get a Schon. If you want a custom cue, have a well regarded maker make you one. The bottom line is any good, well made cue in the hands of a better than recreational/occasional player can be dialed in and made to work well for them. The key (really enjoyable) part is to get something you're personally proud of. Then you'll be happy. Meucci people became Meucci people because they got one they were proud of and made it work for them...there's no convincing them that they're junk. Schon lovers love them because they saw them at a tender age in the hands of a respected road warrior, thought, "man, someday..." and then someday came. The pride of finally getting a cue you want is a pretty special pride. If you have to ask opinions from a group of strangers on whether a Schon is the way to go, you'll likely never really appreciate one and are better off getting a custom cue you'll really be proud of.
In my opinion (since you asked), there are two types of pool cue owners...very happy Schon owners and players that have never tried or owned one. Never met a third category...