Luke, consider the Redington RS4 now available at places like Sportsman's Warehouse (Silverdale, not sure about others) for $100. I had a 5wt and recently sold it. I do have a 4wt 8'6" if you are not dead set on the 5wt. If you think that might be a good model but are not close to a Sportsman's, call the one in Silverdale. They will probably sell it to you with a CC and ship for a few extra bucks.
Yup! I just sold a 4pc 5wt. My 4wt is 4pc. My 3wt is 4pc. I don't know everything about the RS4's but I think all the ones I've seen are 4pc. For a hundred bucks it is worth a phone call. If they've got what you want but won't sell over the phone let me know. I could make a side trip on my way home or on my lunch break. That would likely cost you a cold one or two, but if it gets you the rod you seek, likely worth it.
No idea. They recently sold to some Canadian company. In recent time their fly fishing inventory seems to have declined a bit, like maybe they are not fully ordering up new stuff. Maybe that is why they are blowing out the Redingtons. If you can afford it they also have some Redington CPS rods, many here would say spend the extra $40 to $60. They are 4pc also.