The reel is not that important. It is basically there to store your line, but the thing you do want is a reel with a drag. There are so many reels out there and so many price points. A great reel that I have several of is the Orvis Battenkill and they go for about $90. You could spend up to $500 on a reel, but that is not necessary.
I disagree with rip lip, but reel preference is a whole other topic, I learned on an eagle claw ugly stick, worked great, let me know that ff is a sport I wanted to pursue, each person follows there own preferences once they decide to go down that road. So iguess it would be wise to start cheap before you decide you even like it
I like the cortand crown series. They are about $45 and are great. I have them all on nice rods and preform flawless. I agree with rip lip! a fly reel is only fancy line storage. I would get one with a palm drag. Anything over $30 will have this feature.
I also like ross reels. The rythm series is an awesome reel for 200$. The colorado series costs 100$ and is also a nice reel. If you are looking for something less expensive I would get either a
pfluger, okuma or a crown reel. They will work fine. They are a little heavy, and don't have as nice a finish, but they work well.
Being a recently released college student, I can throw out a couple recommendations:
I have a Redington combo in a 9-weight with a large arbor reel with a disk drag that I used for stripers below the many dams back home in TN (ahhhhh...memories). It's worked great on fish up to 30lbs, never a problem. It cost me less than $200 including line and I know they have combos in the lower weights for around that. One thing is that you hould probably replace the line it comes with. It sux.
Temple Fork Outfitters puts out great rods for around $150ish. I have a 5weight TFO rod (4 piece) with an Orvis Battenkill large arbor reel that does 80% of my fishing work for bass and trout. The Battenkill was around $90 if I remember correctly.
IMO either of the above are very good combos for entry level up to intermediate ( or great for the moderately poor like myself).
i myself fish orvis rods/reels. just sort of what i fell into and like them. i really like the orvis battenkill mid arbor. nice disk drag and it goes for $115 with a 25 year warranty.
of course, many may argue others are better, but i can't say. i also think that the reek should cost about half the price or less than the rod.
but whatever you do make it a disk drag reel and as large an abor as you can stand it. also make sure the rod balances right about where the graphite meets the cork handle when the reel is on the rod.
just my $0.02