Been through quite a few different set ups and my favorite set up is the one I currently use. It can handle anything you run into at La Jolla and would fall within your budget
Cal Star: West Coast Series- 7 foot rod with 20-50 lb line rating
Diawa Saltist 30 with Lever Drag and 6:1 ratio
Star drag versus lever drag? Other people may give info on one or the other but I really like the lever drag and have it on another Saltist of mine..........I also have a Saltist with Star drag but either way they Saltist 30 is pretty sweet......my wife started to haze me a little when the Saltist 30 came in the mail and I just told her that reels to me are like shoes for her......that was the end of the conversation
Good luck