Generally speaking, if you asked which was the most important to catching a fish, the answers would tilt toward the rod.  But when it comes to expense, the reel always comes out on top.  Look at a matched "combo."  A Zillion reel retails at $260, but the Zillion rods are about $200.  As long as you get a reel in the $150-$200 price range, you're probably fine.  For rods, somewhere around the same is where the value is as well.

I would spend more on the rod.

X 2

I lean with piscicidal on this one.  My set expense ratio can vary depending on my target species is and where I'm fishing.  Offshore the emphasis is on the reel, one that has a good drag and can stand up to salt and constant salt spray, any decent $100 rod will work fine.  Freshwater I'd go with rod, for me any $50-$100 spinning reel is more than adequate to handle the fish and the environment.  Inshore & ICW it gets closer 50/50.

Rod.

If I had $250 to spend on my only combo this would be my choice - great for worm/jig/spinnerbaits/jerks, ok for some cranks/traps:

Rod: $160 MBR783 IMX (used)

Reel: $90 Citica (new online)