I would suggest getting a Vox Pathfinder 15R for your guitar needs (it's what I play in studio, can be heard on my band's myspace [http:www.myspace.com/centervoid]), it's right at $120USD from Musicians Friend.
For BASS... hrm... I normally run straight through the PA when I play bass... I do know Vox has a Pathfinder Bass Amp with TWO speakers, sounds good, never used it. The Crate BX15 is REALLY nice (it's what I started off on, can be found for decent price on places like musicgoround.com and craigslist), and Peavy makes some KILLER stuff (they own Trace Elliot, by the way, and TE kicks ASS).
As far as reverb/overdrive, the Pathfinder 15R has BOTH (spring reverb, really nice, and a built in overdrive circut.). It also has tremolo (a consistant raising and lowering of the volume to present a sort of underwater sound), and has an option for an external footswtich.
If you want GREAT distortion, get a Boss DS-1 pedal. Can be found on musicgoround for under $40 usually. Echo/Delay will run you in excess of $100 for good pedals (I paid $80 for mine, an Ibanez DE7).
I would STRONGLY suggest getting seperate amps for guitar and bass. You get better sound, more tonal control, and less a chance of your shit blowing up in your face.
Another REALLY great amp with EVERYTHING you could ever want (for guitar), is the Line 6 Spider IV series. My vocalist (and r. guitarist) uses the 75 watt combo on ALL of our songs, and it's a KILLER amp. $300 USD new on Musicans Friend.
I hope that helps!
If you dont mind my asking, what's your rig right now? I'm a bit of a gearhead.
