Smaller hooks will get you more hookups, although many will be smaller fish also. I usually use a 1/0 or 2/0 circle hook with good results, and I fillet all of my bring home catch. but the larger size hook will get you larger fish almost exclusively.
30lb mono should do well with up to 3 0zs of lead, 4, if you aren't swinging for the stars, and a 8 foot or so rod. It also depends on how long your rod is, longer rods will provide much more force on the weight thus demanding a heavier shock leader.
If you are targeting mid range sharks, you might want to add 20 or so feet of heavier line as an abrasion protector more than shock leader, although I have caught my share of keeper sized bonnets with 20 or 30lb line.