Bow Man
There are cheaper options I can recommend but like I stated earlier you are better off spending your money once rather then twice. If you had to choose between a better quality rod vs a better quality reel I would choose the reel.
The Okuma EVX musky series rods have many options costing around or under $150. They have any type of musky rod you would want.
The Bass Pro Shops Graphite series 7'6 Extra heavy Rod will do for $50 and it can handle small to medium sized baits
http://www.basspro.com/Bass-Pro-Shops-Graphite-Series-Muskie-Trigger-Rods/product/1204170505289/.
There is also a Browning Medallion Series 7'6" which is just under $100.
I would consider these rods to be decent low end rods but they will do the trick.
As for lower end reels.....I wouldn't buy any of them.
The Diawa Lexa is a decent smaller sized musky reel for just under $200 and It is built to handle heavier baits and large fish. For a few bucks more it is worth it.
If you need any information on where to buy these products let me know.