Academy has a Penn rod/reel combo in a 20 class for about a hundred bucks that will get you by. I use 30 class reels but it's your preference on what you want to spend.
As far as line size, that's going to depend on water clarity and species. Murky water and red snapper, you could probably use 30lb test. The clearer the water the smaller the line. Red snapper don't seem to care too much about the line, they want the bait. Mangrove, though, have bigger eyes and they are very line shy. If they see the line or the hook, they won't bite.
I usually use cut cigar minnows and squid
I know there are some that catch red snapper in 20 foot of water, but I seem to have better success in 80-100 foot. I seem to get the bigger ones the farther out that I go.
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