For a reel you will not have to splurge as much. A decent saltwater fly reel can be had at reasonable prices. I amusing Lamson reels now. They are high quality and have a variety of price points. There are a varriety of fly line choices to consider based on where you will be fishing. First (and the one most people should start with) is the full floating line to use when fishing shallow water or topwater flies. The second is an intermediate line for those windy days or when fishing a little deeper. Third is the Scientific Angler Streamer express with the integrated running line/shooting head forfishing in deep water.
Now I am not telling you that you have to go out an get all these lines right off the bat, just that they are out there. I use a 350 grain, a second spool with a floater and a third spool with an intermediate for my ten weight. For my eight weight I have a 250 grain and a full floating line spool. With these two rods and those combinations of lines I feel confident of my ability to meet almost any situation I find myself in.
To get started I would recommend figuring what kind of fishing you are going to be doing most often and get lines suitable for that purpose. For primary use in shalllow waters going after reds in creeks, an 8 weight rod matched with a Scientific Anglers Saltwater Taper floating line will get you started. If you are a striped bass fisherman and are going for them in swift inlets and steep beaches, a 250 (or heavier) grain SA Streamerr Express will get you more strikes than a floater or an intermediate ever will. False albacore busting on top are best pursued withan intermediate or a floater (when it's not windy or you want to use a topwater fly).
I cannot emphasize enough the importance of understanding the wind and how it affects your casting and fishing. There is a big push towards ultralight fly tackle in the salt. Don't jump on that bandwagon until you are a proficient enough caster with the heavier stuff. If you are already a saltwater fisherman you have an idea about the wind, probably not how it will change your fly casting though. Freshwater trout and bass anglers will have to adjust their casting considerably. You need to be able to double haul and also to roll cast that shooting head out of the water and get it going. A word about casting the integrated running lines, it doesn't take a lot of false casting. One or two to get the head out of the rod and then you let it fly. I also said I would say something about the 250 yards of backing, well here goes: The very first time you hook into something that decides it doesn't want to be around anymore, you will need every bit of that backing. You never know when you are going to stick something that you probably shouldn't have in salt waters. When that time comes you will thank me for telling you about all that backing.
Finally let me just tell that I have two rods that I use for the majority of my flyfishing in salt waters and they suit me fine. I go fishing with other guys and they bring along four rods with three spools for every reel and all kinds of gadgets. My budget does not allow for all that excess, so I limit myself to just what I need, and you know what, I usually catch more fish than those guys. Hey if you get into collecting all that stuff, then by all means go ahead, fishing is about doing it the way you want to and not the way somebody thinks you should do it. That is basically my fishing motto and it usually keeps me pretty happy. I hope you stick a big one. Make sure you check out the rest of my website,Flyfish NC with Capt. Gordon Churchill, and let me know how you do.