I was in a similar situation a few years ago. I learned flipping and pitching using a similarly-priced Walmart reel. I've added los of reels to my collection since then, but I can confidently say that my Curado 200i is my favorite reel. And, last I checked, it's available on Amazon for $149. Helluva reel at that price. IMO, it's definitely one of the best values out there right now. I also have a 7ft MHF mojo rod that I got for about $120 from BPS early last year. Again, good value at that price.
If you get that setup, you'll have spent about $270, which leaves you room to spool your Curado with some good line. Trust me, you won't be disappointed with that rig. I've spent many hours on the water with that equipment and put a lot of fish in the boat...though not as many as I would've liked! Best of luck to you!