Based on my experience with the Sage 1880, I think the 1680 would be fine for bonefish. I haven't used it for bonefish myself, but it is just fine with the bonito we catch in Southern California and bonito can really move. I was hoping to try it on skipjack tuna but they didn't show last year. Both reels have the same drag system. The 1880 has a more durable coating. I have caught exactly one permit, a fish of about 15lbs. The reel would have handled that particular fish also but one fish is not a big enough sample size to really come to a conclusion. I have no experience with tarpon of any size.

As for the 8wt rod in a 4pc, there are many many good rods out there all across the price spectrum. Individual rod preference can by very subjective. Melk's Crosswater is a great budget rod. All of the Temple Fork models are popular here, but so are Redington and St. Croix for lower cost rods.