I have heard good things about the Revo, and there are 3 different models, the cheapest 129USD.
I have a Diawa Mega force that is a great reel at $70USD. A few of my buddies have sued it as a learner baitcast reel and done very well with it.
The Shimano Cardiff is a decent reel too, and will cost no more then $120 USD
As for rods, the Shimano Compre is the bees knees. For a cheaper rod, I like the Berkley Lightning and the Shimano Scimitar @ around $50