Hey welcome to the forum. You should have great fishing out there- panfish trout and bass depending on where you go.
As far as what to get--- it’ll depend on what kind of fish you’ll be chasing.
For all around panfish- trout- small bass, I’d go with a 5 or 6 “weight” outfit- this would be a rod designed to cast a 5 or 6 weight line, with a line matched to the rod for casting (it’s the weight of the fly line that loads the rod for casting, so you want it to match up with the rod).
For new stuff, there are some outfits (rod, reel, and line included) for around 30, but if you can bump up your price range a bit to 80-100 I think you’ll get more bang for your buck.
Scientific Angler Fly fishing outfit, regularly 95, you can find it for around 80, maybeless if you shop around. - Concept 2 Fly Reel, 20 lb. Pre-spooled backing, AST Ultra 3 Floating Fly line and Tapered Leader, 4-piece graphite, 8', 5/6-wt. rod, Custom Fly Assortment, 2 DVD Set - "Fly Fishing Made Easy" AND "Panfish and Bass by Larry Dahlberg". The DVDs are a nice plus to help get you going, and if you can swing the bucks, I'd go with this one.
Scientific Anglers Fly Fishing Outfit
LL Bean Angler Outfit 75 bucks 9’ 6 weight rod, graphite reel, fly line, backing leader. I don’t have any experience with this one, but Bean offers a lifetime guarantee- 100% customer satisfaction on everything they sell. Angler Fly Rod Outfit: Angler Outfits at L.L.Bean
LL Bean Quest II Outfit 99 bucks 2 piece rod 9’ 6 weight, graphite reel, backing, fly line, leader, and rod tube. This is a pretty nice setup. Quest II Two-Piece Fly Rod Outfits, 3-7 Wt.: Quest Outfits at L.L.Bean
You could also find some great deals on used stuff, but I’d advise you to check with the forum on stuff you see to get opinions on whether it’s a fair price, good buy or a rip off.
As far as your other questions, remember that in fly casting you want room behind you for your back cast. Waderds can be helpful for getting more room, but if you can find places to cast without trees and stuff behind you on ponds, lakes or streams you should be fine.
You should zero in on panfish to start, they’ll be a blast.
Keep asking questions you’ll get a lot of help here.