A good 8 wt with a strong backbone will handle a bull red, I've caught jacks and sharks with them, but I would be more concerned with where you are fishing. The 8wt will be ideal for the flats but you'll need a 10 wt for the surf, which is where a lot of bulls prowl. In the surf you'll have to deal with strong winds, big flies and sinking/ intermediate lines. If this is your first fly rod, the 8 wt is going to be a great all around rod, I would not get a 10wt as a first fly rod.
The Sage reel is a good reel for the money, I would recommend the 1850 with an 8wt, they also make a very sweet carbon fiber 4000 series ($260). My first reel was a Ross Cimmaron 4, a wonderful saltwater reel made in USA ($200), not sure if they still make them. I would check out what Ross offers. The TFO rods are great, but you can get into an entry level Sage for about the same money ( Launch series $200). I would suggest you pay a visit to iFly Anglers Edge in Houston, see Christopher, he will help you.