I have had some time to do some research and am wondering if you guys think I should go with one of the pre-assembled combos like the TFO or the Orvis or do my own matching. This will be my first fly combo but have been ultralight fishing for 20 plus years...what I have heard so far is to probably get a 5 wt Medium or Medium Fast, weight forward line. I will mainly be using this for my trip to the Dolores River in late July and for my stock tank for bluegill, crappie and the occasional LMB. Will also be slinging it in the Llano, Pedernales, Blanco, and Colorado at Bend.
I am a bit of a tackle snob, but with a little one at home I am on a strict budget which I know doesn't bode well for the fly fisherman. Was eyeing the TFO Signature rod but open to suggestions. As for the reel, a couple of you mentioned the Martin tuna can...any other suggestions? Line suggestions? Thanks in advance and tight lines!

Yes, I would recommend a kit. They usually come loaded with line and have a case too. The kit would also be balanced. TFO rods are good value for sure.

You can spend a ton of money on fly gear, but you don't have to in order to have fun. I wasn't impressed with the Orvis Encounter if that's the combo you are talking about from Orvis. I've had several TFO rods and they seem pretty good and TFO has a great warranty. Cabelas makes a large line up of rods at various price points. I have the 4/5 wgt. and 5/6 wgt CGR fiberglass rods and they are great. They can frequently be had for around $60 when Cabelas does one of their frequent sales. Don't overlook fiberglass. It's tough and forgiving and bends like no graphite rod can. Amazon sells a Wild water 5wgt. combo. My BIL got one and I got a chance to cast it. Wow, it cast great. I think it's about $100 for everything, rod, reel, line and even a few flies. Sierra Trading Post often sells higher end rods and reels at big discounts. They are usually close out models that are being replaced by the latest and greatest. They also sell top of the line fly line cheap, but it may not be available in the weight you want.

My 5/6 wgt Cabelas 7'6" CGR cost I think $49 on one of their really good sales. I got a Cabelas RLX reel to go with it and it was on sale for $69. The line was $20 something and Cabelas Prestige line. It's a great fun set up for lakes, rivers, and light saltwater.

Lot of good advice already. I'll add my two cents briefly.

I wouldn't invest a lot of money in your first setup, just get something that will get you on the water and learning. Once you know what your casting stroke is like and what your misses are, you can buy a more expensive rod to suit your stroke and needs.

With that said, IMHO, dollar for dollar NOTHING can beat upgrading your line. Honestly, I would take a $100 fly rod and reel combo with Rio Gold over a Sage X and Ross reel with a bottom tier line. You can find a top end line for $80 (less than that if you hunt around) and it's going to be a difference you will see and feel even as a beginner.

This time of year also be on the lookout for specials. There are a lot of demo days going on at fly shops where you can try out rods and they provide a discount if you purchase then. Orvis has their 101 classes where they teach you the basics of casting in their parking lot. These are going on every weekend and they give you some pretty good discounts to help you get started.

Sierra Trading Post has the TFO NXT 5/6wt for $129.

My first set up was/is an All Star 8' 6wt rod with an English made Cortland Crown II and have used it for years. I had thought about upgrading to something new but went and upgraded the line to Rio Grand instead. Like MassAction said line can make a huge difference. The only reason I have thought about getting another setup since then was so I could teach my wife. So far she has really enjoyed it.

That is the combo I have been looking at...I am a big guy, 6'4", what length rod should I be looking for? For the applications I mentioned above that is.
Rio Grand Gold...will read about it. What should I be looking for in a good line?
Thanks again!

A whole lot of fly rods including many, most 5 and 6 wgts are 9' feet. That's probably a good length for lots of multipurpose and multiuse applications. I've never had anything longer than 9', but I do have several shorter rods. I like my shorter rods, but it's about some special needs and circumstances I'm choosing 7' 6" fly rods.

This is not really off subject. I saw above a reference to Sierra Trading Post and I don't remember visiting there so I did. Rod, reel and line are not worth anything without a fly. When I really really was a beginner (still novice) I favored attracters and terrestrials and such and so I was (am) a fan of Humpies (also easy to see) and STP has a good price / doz
http://www.sierratradingpost.com/montana-fly-company-royal-humpy-dry-fly-dozen~p~106fv/?filterString=or(fishing-rods~d~190%2Cfishing-reels~d~188%2Cfishing-flies~d~94)%2Fsports-and-outdoors~d~4868%2Foutdoor-gear~d~2%2Ffishing~d~14%2F
Just mi dos pesos... wish I was heading to the mountains but here I am in Paradise on the Rio

8'6" and 9' are commonly considered general purpose lengths. The 9' is the most common length sold in the US. Go back a few years and 8'6" were very popular. I have both lengths and either one works fine in most situations.

General comments on rod lengths. Longer rods will move more line more easily. So, longer distances are easier with longer rods and long distance roll casts are also easier. Line management techniques such as mending is easier with longer rods, that is why you will see some 10' rods marketed for "nymphing".

Shorter rods are easier to cast (shorter rod = less mass and momentum = easier to control and stop; the difference is more obvious when kids are learning to cast). Accuracy is easier with shorter rods (basically, the closer the line is to your hand, the easier it is to aim accurately.) Shorter rods are also easier to use in tight situations such as over hanging trees or small streams.

The TFO NXT setup is a good beginner set, especially when STP has a discount coupon available. I bought my wife one of the 5/6 TFO NXT kits for her first rod several years ago.

Good luck!

Maybe its just me...but I don't like combos. They never seem to be better than just doing your own matching. For the targets you mentioned, a 9 ft 5 wt sounds perfect to me. TFO makes some really great ones...and I'm totally partial to the TiCrx, but you should try them before buying to see how they fit you.

TFO also makes some good reels but I prefer Allen reels for their superior quality/price performance. Check out the Allen web site for some easy and fun shopping. For your targets, you do not need to spend much at all on the reel...it's just a line holder.

A weight forward floating line would be the most versatile for your targets although an intermediate line can be very useful especially on rivers.

Tight lines to you!