Check these out.
For a rod, I tend to like longer rods in 4 or 5 wt. In the warmwater lakes, they seem to give a little more room for error in casting and on the streams, even the brushy mountain streams, the longer rods allow you to keep more line off the water to manage the currents to keep your fly drifting drag free longer.
Reels are a matter of choice but get a decent line regardless of what you end up getting. I like Rio and Scientific Anglers lines.
At some point, it's really a matter of if you like blonds or redheads. They're all good.
If you're fishing the mountains for trout, the 4wt is plenty. If you're mixing warm water ponds and lakes, a 5wt may be better. I've landed fairly large bass down to a 3wt but the 5wt manages wind a little better and is easier to cast larger poppers.
I have one of these and it works fine:
For a little more, it's hard to beat the Orvis BBS reels.
My son has one of these and it's also a good reel
Fly lines are an area not to skimp.
I like the Rio Gold
I also have the SA Mastery lines and like them too:
Leaders and tippets are a matter of choice. I have always used Rio brand. I have tried Orvis and liked the Rio better. Don't know why.
The guys at LRO will help you out. They do not charge shipping and are going to treat you right.
Any of the rod/reel/line combinations on these links are going to do well for you and will last well beyond the beginner stage.
The risk of buying a very cheap rod is 1) it may not cast as well for you and 2) when you realize how addictive fly fishing is, you'll end up throwing it away and buying one of these anyway and you will have thrown away nearly as much in the end.
Hope this helps.