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Agreed. If you're going to have one rod and reel for that type of fishing, I'd go with that basic set up. 7 foot med/med hvy graphite rod with fast action and a 4000 size Shimano reel. It'll deal with grubs/gitzits all the way to small/medium jigs and good sized topwaters. Stradic will break your stated budget if you're going with both of the things he suggested though. Not sure on the rod price, as I don't have one, but the Shimano Symetre goes around 100 bucks and is a nice reel for the money.
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