A broad nib and a bright ink could work well for underlining or marking notes, without needing a separate highlighter. The main thing I'd watch is whether the ink smears when you turn the page or write over it later. It probably depends more on the paper and ink combination than the price of the pen.
A broad nib and bright ink can make a bold stripe, but it may not have the see-through look of a regular highlighter. I'd check that the text underneath is still easy to read before marking up a whole page.