Temple Forks Outfitters MK I would be my recommendation. It has a disc drag system, machined, saltwater safe, holds 140 yds of 20# backing with a WF5F AND fits your budget at $149.95. Again, TFO has a great reputation for making great products and taking care of their customers.
Based on my personal experience with several of the high end (Abel, Loop, Daniellson) and value (SA System II) priced reels I really like what I see in the TFO reels. I sincerely think you'll be pleased and recommend you try to compare one side by side with anything else in this price range. Don't think you'll find a better value for such a quality product.