Mike,

My saltwater outfit consists of an 8/9 Cortland rod (can't remember the model) and a Cortland Precision XC reel. I have to say that it's one of the nicest reels I've had the pleasure to use. I was really impressed with the drag, butter smooth. I can't say I've caught any HUGE saltwater species with it, but I have caught a few that made that reel scream one thier runs. I've never had so much as a hiccup with it. I have also caught quite a few rather large salmon on it, again, without so much as a hiccup. You should be able to pick one up on ebay for around $200, and get an extra spool or two as well.
My brother has a Tibor that is really nice, but I'm afraid it would be a bit out of your price range.
As for rods, I'd probably suggest one of the TFO rods. I've got a "Professional" in 6wt that really casts well. I haven't played with any of the heavier weight rods, but if they are anything like the two I already own, you won't be dissapointed. Personally, I'm really happy with my Cortland 8/9. I've been using it for years and still enjoy fishing it as much as ever. For a rod I paid less than $100 for, I certainly have gotten my monies worth.
A few years ago I borrowed my brothers Thomas and Thomas 8wt for a saltwater trip. That was a pretty nice rig too....I'm not being much help here am I? lol.

Hope some of this helps,

TT.