Okay, let me offer a couple of thoughts.
1. I won't condemn Cowboy Studios equipment. If you're not a full-time photographer doing this for a living and you want stuff that can travel, it's cheap and you aren't that heavily invested in case it gets stolen or lost by an airline. If it's going to get heavy use, then stay away from it. But if you're looking for a soft box or light stand that you might use 5 shoots a year, it's a decent option in my opinion.
2. You can't piece together a kit of similar items for that price--it would be higher. But the problem is that many of the items aren't good or aren't usable. Let me go in detail:
--umbrellas, stands and continuous lighting. Continuous lighting isn't bad if you're a complete amateur to speed lights or strobes. But this option (CFLs with umbrellas) won't be bright. Frankly, if i wanted really cheap DIY continuous lighting, I'd go to Home Depot and get a set of halogen work lamps with stands (total: $35). They're hot, you can burn yourself if you touch them but they'll generate a lot of light. I'd then buy some material for a scrim (like an old sheet) and PVC also from home depot to build a stand for my scrim. Total investment for the halogen lamps, some sheets, clamps, and enough PVC to build a stand is probably $70.
--backdrops. Stay away from the green, it won't be good with the CFLs (everything including skin will have a green tint even if you try to use it as a "green screen" and put some other kind of background behind you with PS). And the size is inadequate. Basically you can put a human on a stool/chair and get a good head shot. For anyone standing (let alone moving) or any kind of activity (a dog that wiggles, a dancer) you'll run out of room and you'll also be very restricted in the angles you can shoot from or using kickers to provide backlighting. Far better to go to Amazon and get a 10x20 backdrop for about $35 each.
Now, if you wanted to actually buy/use photo gear rather than DIY options like halogen work lamps and sheets and PVC, than I'd stay away from umbrellas and get soft boxes (with clamps for speed lights and stands) instead, use speed lights (even cheap ones like YNs), get a much bigger backdrop (the 10x20 I mentioned) and that setup will probably cost you $300-$350 for budget versions (some of which would come from Cowboy Studios).
But if you buy the kit you've identified, you won't use the CFLs and umbrellas (you'll have to find other, better lighting or augment the CFL/umbrellas). You'll basically be paying for a pair of cheap stands, a very small backdrop, and a backdrop stand. And to pay $150 for those things is a waste of your money.