For a boat, a medium/heavy (saltwater rated) 7 footer is perfect (remember, yer in a boat so you don't have to cast too far). Anything over 7 feet is a pain. For reels, I like Penn reliability and serviceability. A 6500-7500 is usually perfect (or a 4600-5600 live liner).
Shimano Stradics, even though they don't have water proof drag washers, are an excellent choice since if they get dunked, you've got a lot more problems than a wet reel.
If your budget is $150...figure on putting $75-100 in the reel and $50-$75 into the blank. I make my own rods, so I'm not sure what factory rods cost anymore, but if you go to a custom rod-maker, look for blanks by Rainshadow or Allstar (and not Lamiglass, St. Croix, or G-Loomis) for good values.