The Lethal 100 is one of the best value reels going around for the review it's got. You won't go wrong with that option IMO. It's a big reel though and is suited to 80lb and up. With that in mind I would spool it up with 80 or 100lb line and get a rod to suit.
I'd avoid a 7 foot rod in that line class for bottom bouncing. Too much leverage against you. It will help turn a fishes head but the rest will be pain for you after a few fish. I'd try to target a rod around 6 foot so it can also be used to troll. Due to budget it sounds like something like and ugly stick or similar is the go unless the ones you mentioned come in heavier and shorter versions.