Not the best Carolina rig fisherman here, just don't do it all that much and don't feel like I'm missing out. On the dropshot side of things, I can help.

For the kind of budget you're talking about, I would stick to Shimano stuff for the most part. Either a Stradic or Symetre 1000, 1500, or 2500 sized reel will be perfect. These are both great reels that will run you $80-$120. For a rod, once again either go Shimano or try one of the new Powell rods. The Shimano Compre rods are very nice and I think are the best value out there at $90-$100. The next step up on the Shimano list, the Crucials are also very nice rods and run about $130. I hear lots of good stuff about the Powell rods all the time and I can't wait to try one out. Hope this stuff helps.

PS: Yes, in case you're wondering, I am a Shimano whore. :7 Not affiliated.