There are lots of 7foot rods out there but only a few are one piece rods. I have never ever had a problem with a good two piece rod so that is something to consider. I would really recommend you look at a medium light rod over a ultra light rod. I have no problem slinging a 1/32 jig with a medium light rod. Line size is more important than ultra light vs medium light rod. Spool up with a good 4lb line and you will be set to go. The Sam super sensitive is a great rod for what you want to spend.. I would also suggest a Okuma Celilio or a BnM and sharp shooter in your price range. The Pfleuger Presidents are great reels and not much can top them for less than $50. Good luck on finding the perfect setup.
I agree with every one o n the Sam Heaton rod but would go with the 10 footer. Love mind with the President reel.
LittleJohn