The truth is all companies make some good stuff and some duds. And how much we like rods is often opinion, a rod I may hate someone else loves.
FWIW, I've casted sticks that aren't much above $100 from Cortland and TFO, and liked them both. In fact, a $100 Cortland GRX is one of my favorites in my arsenal, despite owning rods up to $1000. I've heard good things about Redington's in those price ranges as well, but have no personal experience. I also own an Allen CTS, which retails for around $160. I don't really like it, I won it in a raffle and it's too slow for my tastes, but that's often GOOD for a beginner, and there's nothing wrong with it's quality. In fact, I might be willing to sell it for around your price range, PM me if interested. It is a 5 wt, but I think it's 8.5 feet instead of 9, will have to double check.
My dad has a very cheap Cabela's rod that is just terrible, IMO, but that doesn't mean Cabela's can't have a nice rod, just that model is a broomstick.
Orvis wasn't mentioned because it's getting out of your price range. As would Loomis, Sage, and others in that class. If you had asked for the best rods period, those are the names you'd get a lot of, but expect to pay close to $300 for the rod alone, without a reel or line.
For a reel, unless you plan on pursuing steelhead/striper sized fish, don't concern yourself with the drag, they'll all be fine. And don't concern yourself with the size of the arbor. It's just a line holder. The important thing is the weight, it has to balance the rod well, so that the balance point is on or just forward of the handle. But you should weigh it with fly line on, as that adds some weight. It also should not bind up if you get a little sand or grit in it.
Don't forget fly line in your budget calculations. They ain't cheap. They run from $30 up to $100. Get either a WF or DT floating line to match the weight rating of the rod, that's pretty standard for most purposes. If you're going to fish deep lakes and such then you could look at a sinking line.
Everything else is pretty cheap. Leaders, tippet, flies, etc. Might cost a lot in the long term, but they're consumable items, you replace them a lot, and over time, tend to build up a collection. Like lures and sinkers when spinning.