Disclaimer: This is only an opinion....and we all know what those are like....
I havent ever used a Hurricane rod, but I've owned a few Penn reels.
If you're on a budget, that reel seems to be Ok, after reading about it online...depending upon how much line it holds and how smooth the drag will be....which is one of the most important things for trout and reds....a smooth drag.
I mainly use older Castaway "light saltwater" rods...7 ft...with fast tips. They are pretty light. But you cant buy those old ones anymore, I'm sorry to say. Not even sure they are still in business. I pair them with either a Shimano Calcutta 200, Curado, or a Stradic.
Line.....a flouro leader in 20-25 seems to work well, but I have used a thin steel leader about 12 inches long before, especially for reds. I dont use braid, only Stren clear or green mono. Usually about 14 Lb test for trout and reds. I also set my drags VERY loose ! ( 'Lost a huge trout last weekend near Hackberry, LA due to the drag being set too tight. Pulled the hook right at the boat %##$%^##@%$ !! ) Treat trout like Crappie when it comes to setting your drag. They have tender mouths.
I'm a huge fan of Gulp shrimp and swimming mullet....also skitterwalks, top dog jr, and good old spinner baits tipped with Gulp.
So...in short....reds eat anything smelly and their gill plates cut line, while trout are sight feeders and are more finicky when it comes to your line/leader. Flounder...well....my best advice is to let him take it and move before lifting your rod tip. Some say flounder prefer live bait, but I've caught them on Gulp shrimp, slab spoons, rattle traps, you name it. What I WONT do is fish with dead bait shrimp if I can help it. You catch too many trash fish that way. ( hardheads, gafftop, and black drum). That said, I have been known to limit out on reds 3 days in a row ( 5 per day in Louisiana) using that stinky old frozen bait shrimp on an outgoing tide back in the marsh.
Pick up some 1/4 oz leadhead jigs with long shank hooks and toss that gulp on them. Either tight line them , walking them across the bottom, or fish under a popping cork.
All in all, I think you're rod/reel choice will be fine for a 1st rig.
I suggest buying a dropper net for fishing off that pier. It's a round net with rope tied to 3 points on the hoop, so you can raise your fish straight up and not have to fight a long handle net with a 20 lb red in it.
Good luck and have fun !