I would go to the Outdoor Emporium and get a W.W.Grigg IM7 #7 or 8 fly rod ($60), an Okuma Integrity 8/9 fly reel ($53.99), 100 yards of Cortland Micron #20 backing ($10), and a Scientific Anglers Ultra 3 sink tip (38.99), sink rate 4 or 5. and I would get 2 or 3, 6 or 7.5 foot leaders that grade to 0x or 1x ($7.50).
That's a grand total of $110.48, and it is a setup I am still happy that I bought 4 years ago.
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Give a man a fish, and you'll feed him for a day; give him a religion, and he'll starve to death while praying for a fish.