I'd like to get an ultralite spinning combo to use for throwing light baits (1/16 oz. jigs, tubes, grubs, etc.) for crappies and bluegills.  My preference is a 5' - 6' LF or a ULF.  I would like to keep the combo under $50. Thanks

Keep an eye on Fisherman's Factory Outlet.  Their sale right now is 'buy 1, get one 1/2 off', which may not do you a lot of good if you only need one.  But you can get two Abu Vengeance light rods for under $40, if you're so inclined.  Lower end, smaller spinning reels are often on sale all over.  Such as a Sienna at Cabellas for $21 right now.