Just like everything else in fly fishing (as well as life) you "can" make it cost as much as you want. I know guys that go to BC and use rigs that set them back over $2000. Does that mean they will catch more or bigger fish than anyone else? no not at all.

There's no reason you couldn't put together a set up of rod/reel/line/backing for under $300 and be perfectly happy with it.

Ahh the "The Fishin' Hole"..I use to love that show when I was a kid. Jerry use to always take his little hotdog "Norman" with him all the time lol. That was a cool show.