I have a TFO Pro ($149), which I would consider a pretty good upgrade from the Dogwood Canyon rod. The reel is a BPS White River Fly Shop Hobbs Creek I reel (added the reel backing and line for $20 - a total of $169 for the outfit). The reel probably isn't any better, maybe not even as good as your dogwood canyon, but you could talk to them about a combo with a higher end reel or ask how the Hobbs creek reel stacks up to the Dogwood canyon OR just upgrade your rod and get the reel later.
Mine is a four weight. I got it to be able to fish Taney, small streams and ponds for blue gill. A lot of small stream fish and blue gill just wouldn't be that fun to me on a 5/6wt and the 4wt has fought 20 inch plus fish at Taney handily. Just something to think about no matter the brand you go with.