You will be fine with your inexpensive gear. I do most of my fly fishing with relatively inexpensive fiberglass fly rods and see no need to get anything pricier, at least for the fish I’ve come across here in Texas.
Actually, none of it needs to be expensive. I’m using and liking $21 MaxCatch Avid line with my 5/6 CGR and MaxCatch 5 weight. Leaders can be homemade out of cheap monofilament. There’s tons of discount flies out there or potentially roll your own for even less.
The longer and more I dig into fly fishing, the more I realize there isn’t any need for expensive gear. Nothing against expensive gear, but it’s something I see as a luxury and not a necessity.
There seems to be a healthy number of perfectionists and a near constant emphasis in some circles on perfecting this or that in fly fishing. The cast, the perfect rod, reel, leader etc. Mostly I just yawn when I see or read that stuff these days. There is plenty of room in fly fishing for imperfect people, gear, and abilities and none of those traits or attributes will prevent someone from catching a lot of fish and enjoying fly fishing.