I use a 7 ft med/light action Allstar, its the blue one thats $100, and just make sure that you have a smooth spining reel of appropriate bass size and a smooth drag. I forgot the exact model that I use, but it works just fine and was only like $50.
Now, dont think that I buy cheap, for baitcasters I rock 4 RevoSX's, 1 silver Revo, 1 cronarch, 1 curado DVHS, and a Quantum PTS Energy. These are all top end rods, but I dont use a spinning reel enough to invest so heavily, especially when a cheap shimano that I have is just fine.
Make sure that you spool up with a light flourocarbon. I use and suggest 10 lb berkely vanish. Remember, do not fill the spool full with line or you will have trouble with twists and other line probs associated with light flourocarbon.
I dont know what the exact proper way to rig up the drop shot, but all I do is tie a 2/0 to 3/0 wide gap hook to a palomar knot, and leave about 8 to 12 inches of tag line to which I attach an egg sinker. Whalla!! You got your drop shot!!
Then, you have lure choice. I like to use finesse type lures or creature baits usually of the crawfish form. As pertaining to finese baits, I have used senkos, trickworms, 4 inch fry's with paddle tails, and many others. I usually put these lures on a 2/0 hook. Also, I fish these around docks or when the fish are super finicky, like they are on clear water or very populated lakes.
For creature style dropshotting, I like to go with baits that have floppy claws or other extremities. Whenever you twitch the rod, these claws or extremities will pop up and down, which I guess catches the fishes interest. I will use this technique when bed fishing on clear water where finiky bedded bass will not react to traditional approaches. Sometimes it works!!!
Also, dont be affraid to experiement with different lures, you will find out alot by doing so.
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"That's the money fish!!!!"