For lower volumes and rock (not dynamic) music where clarity and lack of harshness is important efficiency is less important, but coherency is more important. You'll need to look for drivers with shielded magnets to avoid ruining the monitor. So I'd recommend a shielded single driver speaker. The single driver will have limited bass, will beam extreme high frequencies (so you can turn them away from you if still too much), will be cheaper (one driver, not two and no crossover), will put your limited power output to maximum use (no crossover to steal power and "hide behind"), allows the amp to have a "direct view" of the speaker load for best performance, and most importantly will provide coherency of all frequencies coming from the same driver (you won't hear the sound jumping from woofer to tweeter).
A good example of a small (less than 13 cm per side) single driver speaker is the TBI Majestic Diamond micro monitors (may be a bit beyond your price range) but are marketed with the original little digital amp. The company is best known for their amazingly/fast subwoofers. Here some links:
http://www.6moons.com/audioreviews/tbi2/diamond.htmlhttp://www.tbisound.com/If you look around Audio Circle you'll find these good, small, inexpensive speakers but they're not highly efficient:
http://www.av123.com/products_product.php?section=speakers&product=82.1http://goodsound.com/equipment/av123_xls_xsub.htmIn fact, Good Sound is a good site to find quality, inexpensive gear:
http://goodsound.com/equipment/Unfortunately most speakers retail about 10 - 30 times what the drivers/crossover parts cost. Buying direct helps. But in many cases you pay more for finishes than the sound. So another obvious option is to DIY. Parts Express sells pre-built/finished cabinets and all the bits needed to finish them (even has replacement baffles available in case of "mistakes". From a glance, the smallest cabinet and this driver looks "interesting" while appearing to meet all the criteria:
http://www.partsexpress.com/pe/showdetl.cfm?&Partnumber=302-702http://www.partsexpress.com/pe/showdetl.cfm?&Partnumber=264-820A sealed design seems possible (I'm not a speaker designer) which would only require drilling a single hole for the driver and two small holes for wires, and connecting wires to the driver. As a single driver design, construction couldn't be easier, but you'll need some design help. Here's a good primer/calculator:
http://www.mhsoft.nl/SpeakerCalculator/index.htmlNote that most of the small/efficient Fostex brand of extended range drivers sound thin, especially when pushed hard. The FE127E is 11.5 cm diameter, shielded, and the classic example of what I'm saying.
Parts Express also has entire speaker kits (but are too low of efficiency for your amp). Unfortunately I don't know of a good small, relatively efficient, single driver speaker kit.
Hope all this gives you some ideas.