I wouldn't sweat spending a little more for really good quality jacket since they last really long and you will use the hell out of it, and it does make a big difference on a run. I got a Brooks LSD jacket about 6 or 7 years ago, use it all the time, and it makes such a difference. It is so lightweight, you don't know that you have a rain layer on at all. I wouldn;t run in anything else.
As for pants, do you really need them? I would just wear some running pants or tights and they are all that's needed. One pair that is lined for chillier temps, and one not.