I've been wanting the same thing and have not really found it. Closest so far were the following:
Bass Pro Shops Microlite 3 piece light action 5 1/2 foot rod - heavier than what I really wanted, but serviceable
Shakespeare Ugly Stik 3 piece light action 5 foot rod - a bit of a broomstick, but it's one of the few rods I have that's tough enough to stick it in the pack's side pouch without a case of some kind, even when bushwhacking
Daiwa spin-matic x ultralight 4 piece rod, in range of lengths. It's 4 pieces, but it has much better feel for ultralight fishing than either of the 3 piece light action rods.
If you find something better, please let us know!