I got my 1wt setup from don at river city. The rod was like $190, I think. The reel was like $70. And don gave me a free backing, fly line, and leader. It was worth the $260.
You could also get a cabelas glass rod. They are pretty sweet rods. But if you want to go super cheap, get an eagleclaw featherweight. That is one awesome cheap glass rod. I think it runs for less than $50. Granted, I think the lightest it goes is a 4/5 wt. but I could be wrong.
Have fun and enjoy what ever rod you get.
But really, give that eagleclaw a try!!