Good posts by both JayL and Abbrod. You can get a killer setup for under $500 rod, reel, line, backing and tippet & leaders included. In fact International Angler will throw in backing and line if you buy rod and reel there and that's a nice savings. I'm sure you can also do it under that too, like Jay said you can get a good setup for under $350. A custom rod is also a great choice because many guys like Abb will make rods that manufacturers don't offer.
Scott, St. Croix are both reputable brands and I'm sure they would be good choices. Sage and Reddington should have options that will be in your budget too. Set your budget and cast as much as you can to see what you like best. I like Sage, but you may not, just an example. Look for a reel with a solid, maintenance free and smooth drag. Lots of good options are out there.
Consideration should also be given to warranty--get one that has a warranty that makes you comfortable. If you like gear made in the US you will be paying a bit more in most cases. Can you give us an idea as to how much experience you have fly fishing for any species in general? That might help Abb and others recommend an action that would most benefit you.