So, going to buy my first nice baitcast set up. My question is what type of setup should i buy first. Should I get cranking or what. My price range would probably be 150 give or take a little.

Your first setup all depends on what you want. I would get an all-around setup, a 7' MH/F.

The most important part of learning to use a baitcaster is buying a quality reel. A rod wont help you learn, so invest in a better one down the road. A cheapy rod will be fine for now.

I'd spend about 100 dollars of your budget on a reel. Unlike spinning gear, cheap casting gear will sour it's taste, and you will end up not liking casting gear as much as many of us do.

I would look for a used Curado E, Revo S, or get a BPS Pro Qualifier. There are quite alot of reels in the $100 dollar range, and its hard to go wrong with a Daiwa, Abu, or Shimano. I'd pair that up with a cheap Lightning rod until you know you enjoy casting reels, at which point you can invest in a lighter, comfortable, more sensitive rod.

I agree with BASSclary totally. All the reels he mentioned will without a doubt do the trick. Go with a MH 7' rod for sure. This rod can be very versatile and used with most lures. You can pick up a BPS tourney series IM7 for $50. IMO its a good rod for the money starting out.