Good advice so far. Lots of ways to skin this cat. I am a weekend warrior, so I don't feel the need to spend top dollar for high-end gear. That said, cheap stuff can be wasted money. With the exception of some old Penn 209s that I use for coho high lines in the spring, I use convectors and coldwaters. Most of my reels have the drag upgrades (lost a big one due to a sticky drag, so the upgrade is worth it to me. ) and I use coldwaters with upgraded drags for my wire divers. As far as rods go, I have had good results with Daiwa Heartland rods. They are cheap and have served me well. I also have a few of the Shimano TDRs. At $20 each, I won't cry if they get broken. I generally use 8'6" Medium action for board rods, 8' Medium for riggers (some like ML, but that seems too light for me) and 9'6" medium-heavy rods for divers.
Hope this helps.