Looking for a spinning setup no more then $150 for fishing light plastics and small jigs..any recommendations?

There are lots of nice combos that can be made up in or around that price range.  Especially if you do some shopping around on ebay.

I would recommend the following:

Shimano Sedona or Pflueger President spinning reel and

either a St Croix Premiere or Mojo Bass rod or a Shimano Compre rod.

Probably between 6' 6" and 7' Medium power to Fast or X-Fast Action.

Should be able to come up with one of these combos right around the $150 you want.

Later,

id get a shimano sahara 2500. for the rod id look into a shimano, fenwick, falcon or st croix.

Cabela's Tournament ZX 2500A (which is a Daiwa Exceler) is on sale right now for $49.99.  Great reel for that price.  Does have a tiny bit of slap in the anti reverse but it's not enough to bother me.  So, with that you are left to spend $100 on a Shimano Compre of your choice.  I like the 6'3" M/XF for finesse presentations such as Sliders, splitshottin',tubes and small finesse jigs.  Cabela's Fish Eagle II rods are another good option for $80 and the 6'6" Medium should work great.

If you have a Cabela's nearby, just print out the page with the reels online sale price and they will honor it

I'm sure I'll get blasted for this, but what the heck..my finesse spinning rig is...a 7'6" Shimano Clarus rod. M fast action, with a Shimano Shara reel, I use 8lb yozuri ultra soft hybrid..also have used a 6'6" teamdiawa rod too. I like the 7'6" for shore fishing as it lets me cast further out than my 6'6" does.

If I was looking at a fenwick.. Which model and series would I look at?

i used to have a HMG and i thought it was great. keep in mind that they dont have an xf action if thats what youre looking for