Reel question

I've been thinking of doing a few party boat trips this year, I've been out once or twice and learned the hard way about renting tackle. I want to find a cheap conventional rod and reel that I can take along. Since I'm thinking of going on a few cod and other offshore trips, I figured something in the 4/0 size would cover everything. I don't want to spend a ton being that if I don't keep going, I'm not out a lot of cash, not to mention I don't have much to spend either.

I was looking at this:
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=230437851269&ssPageName=STRK:MESELX:IT

Has anyone had one of these? Are they decent for the price? What are they worth?
I priced all the name brands like Penn, Okuma, and Daiwa but all are big bucks. I am hoping to get set up for around $60 tops. I did talk to one guy that uses one of these for catfish out in MS, but has never done much more than bait one rod and reel up heavy and let it sit and hope for a monster. It looks like a good tall spool reel that can take up line fast for deep water.