Just so it's known, I ONLY looked on the Fish USA site for these. I'm sure there's plenty of other viable low cost options (I know Ross makes a great entry-level reel, but didn't see it here, for example), but just a quick search yielded these results:
Rods:
Redington Crosswater 8wt, 4pc ($90):
http://www.fishusa.com/Redington-Crosswater-Series-Fly-Rods_p.html TFO NXT 8/9wt, 2pc ($100):
http://www.fishusa.com/Temple-Fork-Outfitters-NXT-Series-Fly-Rods_p.html St. Croix Rio Santo, 8wt, 2pc ($110):
http://www.fishusa.com/St-Croix-Rio-Santo-Fly-Rods_p.html My Pick: I'd go with the Redington. It's the cheapest, fairly lightweight, and if it's like the 5wt, it's crisp, accurate, and responsive.
Reels:
Pflueger Trion ($130):
http://www.fishusa.com/Pflueger-Trion-Fly-Reels_p.html Redington Surge ($80):
http://www.fishusa.com/Redington-Surge-Series-Fly-Reels_p.html TFO Prism ($95):
http://www.fishusa.com/Temple-Fork-Outfitters-Prism-Cast-Large-Arbor-Fly-Reels_p.html Lamson Konic ($120):
http://www.fishusa.com/Waterworks-Lamson-Konic-Fly-Reels_p.html My Pick: I'd go with the Lamson. The drag is the same smooth, powerful system they put in their high-end reels, and I've had dealings with Lamson customer service in the past, and they're top-notch.
Unfortunately, that would put you at $210, but IMHO, it's well worth skipping 2-4 beers at the bar between now and then, to put the extra 10 to it.