The warehouse is often a bit more expensive compared with other stores. I only buy from then during a 40% off sale.
There is no need for 50kg line for big sharks, all you need is the standard 20-30lb mainline, steel trace and a shockleader to absorb any abrasion from the shark skin. Would use fish over meat from the freezing work for bait.
Getting back to your question, yes you would be able to catch red cod and rig on the cheaper gear.
I would get something like this over one of the warehouse sets. $110 for rod, reel and line.
All surf rods and reels under $300 are now made in Asia. The only reels not made in asia are a handful of high end Penns, Accurates and a few other niche high end products (Van stall springs to mind). The best quality reels are made by Shimano or Daiwa in their Japanese or Malaysian plants.
edit 2: Also the horrible Aussie reels called Alvey are still made in Australia to the best of my knowledge.
edit 3: You can make a good cheap Beach spike out of a old fencing waratah and bolt a section of pipe onto the top.