A good combo setup?

[ccacher1]

I have a MH teramar paired with a Shimano Cardiff 300 and love it for throwing anything around 1oz but I would like to get another rod/reel for dropping down live bait for halibut or w.e is down there, also maybe for chucking small irons. So here are my questions...

1.) Reel recommendations (preferably levelwind & star drag) - $100-$200
- I've been leaning towards a saltist 20 or 30 because they have them at my local BasssPro.

2.) What size rod would you pair with it? (length?, M, MH, H?, Fast, xFast?)

3.) Rod recommendations (cheaper the better)

4.) Is there a line setup that you would recommend to fish both on the bottom and on the surface with small irons?

I've looked around on the forum for some time and have found some answers but any help with these questions would be awesome. Thanks.