Honestly, I am in love with my Lews super duty. It is available in a few different gear ratios including the 7:1 you are looking for. Solid, heavy duty reel. Casts a mile. It retails for $179, but I bought it from tackle trap and used the 10% off code and ended up paying $151 shipped to my door. Right in your price range. Its made specifically for braided line applications and heavier baits. I use it on my frog rod. The new Currado looks amazing also if you can get your hands on one, but they are currently on backorder. I have a number of different reels from different companies, and in my honest opinion, Lews makes the best reels for your $ in that price range.
As for the rod, I would recomend taking a look at Dobyns line of rods. I have just bought a few this year and I absolutely love them! They have a few different series of rods that vary in price range. This rod might be right in your ballpark.
http://dobynsrods.com/rod/ss-735c/
If you wanna save some $ check out this site
http://www.bbcboards.net/rods-4-sale/
People swap and sell used and new rods and reels and most of the people on here are real solid.