I started off 4 years ago using a quantum Iron drift rod (~$100) and a "Bantex" level-wind (~$90), and Ande 20 lb test line. Performed fine for a REAL starter, but you start to notice some of the problems after the first season, and after trying out a buddy of mine's gear, I realized that an upgrade was in order.
Look around and try different rods and find something that YOU like. It's all great and wonderful that everyone loves the convergence, but it may not be good for you. The same goes for the reel.
I've been using the C4 for a few years now, and don't have any complaints, I'm saying this based on thew technical specifics of the reel, high gear ratio, strong gears, I prefer the feel of "paddle grips" instead of the cylendrical ones, plus the blue colour just looks cool, and all of fishing is about looking cool, that's why they invented waders...
Go out and try a few reels out, or like someone else reccomended, try 2nd-hand stores, and thrift stores, you'll pick up all sorts of wierd and wonderful bits of gear in those places. I've picked up a $160 reel, and a rod worth $100 for $60. It was a Penn GTi 320, and a shakespeare Ugly Stik, been using the reel for halibut for a few years now, and love it. And if the reel doesn't perform like you hoped it would, it's just as easy to sell it back.
Get the hang of a level-wind before going onto the river, cast in a park or something, so you can get the feel of it. There's nothing worse than a big nasty birds-nest of backlash when the bite is on.