Couple things there.
The line. 80 pound braid is what you should use. And I'd stay away from Power Pro. I use Vicious 80 pound and it is very good. Casts way better than Power Pro. I put Suffix 832 on my wife's rod. When new, that line doesn't absorb water like other braid, so it leads to less "mist" when casting.
The backing. Never use braid for backing. When the drag is locked down, it digs into itself and causes nighmares for backlashes. Put some mono, maybe 20 pound on as backing. You should need more than 100 yards of braid if you do the backing right.
The reel. That reel wasn't made for the new "super" braid. It will cause issues over time. And when that time comes, there are a lot of new, good reels out there that you can pick up slighly used and not break your wallet.
The rod. Rods and rod tips deliver your hook set as well as action to the bait. If you really want to musky fish, even a couple times a year, you would be wise to find a new musky rod. Okuma makes some great rods for $150 or less. Tackle Industries has some good lower priced rods. And if you go to swap meets, especially for musky clubs, you will find members fire sailing rods and reels that are good, but that they just don't use anymore. I'd keep an eye out for these kinds of thing, or the Musky Flea Market on facebook. It's a way to get a good setup for not a ton of money.