I'd have to say that if you are going to shell out $100 on anything use it to get a decent reel. The rod for $100, unless you can find one used for that price on the virtual flyshop, flyfish.com, ebay, etc... in my opinion would not be a quality rod. I tried that avenue with a cheap St. Croix 7wt. (not the Ultra) several years ago and decided I wasted my 100 bucks. The Loomis GL3's are a good rod as are the St. Croix Ultras.
I've owned the Ross Cimmaron for years and am very happy with it. I also have Teton Tioga in for my spey rod and it isn't a bad reel for the bucks (about $130-140) but not machined as nicely as the Ross. I've used the SA system 2 (don't have experience with the 2L series) and it performed great on salmon in AK for years. Finally, I bought a Redington 7/8AL large arbor at the Sportsman's Show several years ago and like it also, although it is a bit heavy.

If you shop around on the internet you can pick all this stuff up for way below retail. But, make sure you know what you are shoping for first. Go to a shop and try to find an outfit that balances out nice and you are comfortable with. Most shops will let you demo outfits or at least cast them on the premises.

As far as lines go, to exclude having to buy spare spools which are expensive, get one of the multi-tip lines from RIO, Airflo, Cortland, or Cabela's (substantially cheaper). They'll allow you to cover most all water conditions you'll encounter.

One last note...even though purchasing online is a good deal, the service aspect is a bit sketchy. THere still is no substitute for buying from a good local shop. Besides having a point of purchase spot to take your equiptment to in case of problems, they are a great source of info if you are just getting into the sport. I don't live within an hour and a half drive from any fly shop so I buy most equiptment online. Probablly be different if I lived near one. Go try some rods out or borrow a buddy's...flyrod action is too personal of a preference to only select one from word of mouth.