A quick check of the REI Outlet site showed a Mountainsmith AT55 pack for $100, a Sierra Designs Sirius 2 tent for $100, and a Mountain Hardwear Meridian 1 tent for $115. I didn't check the specs, but the brands are pretty good and the prices reflect about 1/3 to 1/2 off the original retail.

I didn't look, but REI's house brand is usually good quality at a lower price - you might find something there. Also, Eureka and Kelty are two good, less expensive brands; they won't fit your criteria, probably, but they may come closer than others. They are a little on the heavy side, though.

Light, cheap, and well-made. You can have any two.