Rigging up my anchor trolley system today and making a float anchor rig for quick release. I have been reading/researching it and think I have it down, but just want y'alls input. I am using a 3/4" pvc pipe through a pool noodle with 50' of line. Thoughts and suggestions are appreciated. Thanks!

I have the same anchor and love it! I wish i had 100' insted of 50' but its the best system ive used yet.

+1 on ditching the 50' and going with 100' line.
Here is a hint! You don't need a heavy diameter line to hold a kayak. Thinner line doesn't take as much room on a spool and most line has a higher breaking strength than you need anyway.

Would 550 paracord work or is there something better?

strength wise yes it works. If you use it, make sure you wind it up as you pull in anchor. Otherwise it.becomes tangled easy

OK, I remember seeing a post earlier from someone that had posted a pic for the floating anchor setup but I can't seem to find it...

3/4 pvc about 16-18" long. A float for each end. Jbgator knows where to get the info on it. I think it was ack.

Paracord hard to get a hook out.

Here's mine, a small diameter cord flat spindle
with pool noodle for floatation.

Here's another you could DIY.
http://flyingcuda.com/diy-kayak-anchor-float/

Ended up making one today. Ran bungee through the pvc with carbineers on both ends. One to attach to another bungee to my trolley and the other to run the line through for a stop when I have let enough line out that I need. Drilled a hole through the middle of the pvc and tied my line into that. Two pool noodles on the ends and the line wrapped in the middle. Poured concrete into a small plastic folgers can and popped a closed eye bolt in it. Came out to 5 pounds on the mark. Testing it out tomorrow. Will post results and pictures later. Thanks for all your input everyone.

Two reasons I went with the 50'.
1 - I fish pretty shallow spots.
2 - I was going to use this for my tester. If this one works I am going to make a 100' one also. I bought enough materials from Home Depot in case I messed up or need to tweak something. But I agree, a 100' would be more practical.
Since I am new to yakking I am sure there will be some lessons learned the hard way on all this. What do they call that? For the love of the game?