There are many good less expensive rods and reels out there. Notice i didn't say low end because of the less expensive gear I happen to like better. St Croix rods come to mind right off the bat. I think these rods are great and for the most part. And the imperial series is around $150.

If you are going to be fishing for trout and panfish in lakes a 5 wt will do you good. I think that the reel is less important in this type of fishing as it holds line more then anything, my opinion of course. You might need a floating line and a sinking line if you are going to fish lakes. My trout reel is a Diawa and I have had it for 10 years and love it. Solid reel and I can rim control the drag if necessary.

JJ