Based on what I've read here you'll be lucky to get a spool for a saltwater capable fly reel for your $200.
I think your best bet is to find a GOOD local fly shop. Tell them your budget and what you are planning to fish for and see what they can do to help you. Part of the reason for going to a fly shop is they will help you put together a matched outfit. This will make learning to cast and fishing a LOT easier.
The fact that you are going to fish in saltwater really makes things difficult at your budget. (Which actually is about my budget too.) The trouble is that a fly line is going to cost you at least $35 and more like $50. That is a quarter of your buget. There is a new reel from a company called Okuma called the SLV. It's only $50 and has a sealed drag. It will probably explode if you catch a really good sized redfish, but should work otherwise. (I think.) Spend the rest on the rod. Look for a discounted last years model rod. A closeout. You may be able to find something that will work for around a $100.