Sounds like you are on the right track as far as 30-50# rods. I use 7 foot rods in that weight range for both yoyo irons as well as live bait. I have both ugly stik and seeker rods and both seem good to me. I have heard a lot of people say the ugly stik rods hold up just fine for a cheaper rod ($80ish I think?) and I can't argue that my ugly stick rods have broken or rusted. The seeker rod I have is also 7' and I love it but I only have it because I got a smoking deal on it...think they are pretty expensive new.
As far as reels...having a lever drag for live bait trolling is AWESOME. Makes it a lot easier to set the drag for bigger baits. It might be kind of annoying using a lever drag for yoyo fishing but I suppose you could get used to it. I think most people will agree that you want a star drag for yoyo fishing for simplicity sake and just flipping the spool in gear. However, if you have to pick one, I'd probably rather have lever drag for both live bait and yoyo fishing than a star drag for both. I use a penn squall 40 lever drag for live bait and a daiwa saltist 40h for yoyo fishing. Really like both of these reels, granted I haven't fished either one that many times.
I guess my philosophy is I'd rather spend less on a rod (as long as it has good reviews) and more on a great reel that will actually be used to fight the fish. Check out Ugly Stik and seeker rods for sure.
Hope this helps.
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