There's so many you can choose from. Shimano have a whole bunch of rods around the 100-150 range, from Ian Miller to Steve Starling. I even saw a Silstar Hi Graph that looked pretty good for the money and thats abt $99.That leaves u approx $100-200 on a reel. The Shimano Symetre 1500FI is abt $150 , and alot of ppl say they ar a great value for money reel. If u hear abt the Samurai series from Daiwa, I've heard the opposite, it has lots of ball bearings and is real cheap but it apparently has a short life span.
You cant go wrong with the Shimanos, be it the rods or the reels. I just got an Ian Miller Rack Raider from Rick T, actually its my friend's, and its pretty damn good for the price.
U have another option if u can swing ur budget upwards a little, abt $50 I think. There was a special on for a Black Diamond Bluestone for $199 shipped.Its got funky cork grips that are nice and short and quality Forecast Blanks.I dont know if the special is still on tho. So $199(rod) and 150(reel-shimano symetre) buys u a high quality set up but doesnt break the bank.
Have fun with ur search I've just gotten my first rod and reel and have been having a ball, I'm gonna have to go through it all again for my gf's set up haha.
Matt
PS Dammit, I kept thinking ur budget was 350, and its actually a max of 400. My bad