Hi
What sort of fly fishing will you be doing,IE
reservoirs,small stillwaters or rivers?
Reels need not be state of the art affairs,you can always upgrade later.IMHO the Shakespeare Alpha reel-cheap as chips

is a damn good reel and as good as some far more expensive.I used one for a few years and it was fine.Lines can be a minefield,so many on the market.If you go for a floater,make sure its not an Airflo-they are horrid

.
Shakespeare Worcsteshire lines are as good as any,not overly cheap but they can be picked up for less than the rrp.
Rods vary enormously,from total c##p to very good.Really a personal thing,you would be better to try one out if possible.If not then go for a middle to tip action,they are far more forgiving than a fast actioned rod.
If you have a birthday comming up

Total Flyfisher magazine are offering either a rod(5/6 weight) or rod and reel,depending on which subscription you take out.I have one of the rods,a 7 weight and its a decent rod.
Also dual rated rods-ie 5/6 will nearly always perform better with the higher line rating.Infact i have just brought a cheapo on ebay,travel rod five piece,5/6,just to sling in a suitcase for holidays.Now having tried it,its fine but casts much better with a seven than a 6 weight line,infact i doubt very much if it would perform with a 5 weight line.Personally,if you can get a rod with a single rating,you would be better off-just my opinion though.
If you need a reasonable line or any other info,pm me i can put you in touch with a new line supplier whom i can vouch for as being reliable.
good luck