The "First Cast" outfit has been replaced by the Angler Fly Rod Outfit. While not specifically a child's rod they do have a 7' 5wt. which would appropriate for a child. I think the $75 price tag might be a tad high, but that is for each of us to decide.
Right now I'm trying to find a rod/reel combo appropriate for my 3 yo daughter so she'll be less inclined to want to use my rods!
Brian