Of course everyone has there opinions on the best rod, reel combos for flyfishing different types of water. I use several different rods for smallies according to the type of flies (streamers, poppers, nymphs) and whether using floating or sinktip lines.
I sometimes fish a 3-4 wt rods and other times a 5 or 6wt . A med-fast 8-9 ft 5wt. will handle pretty much handle everything. Reels are primarily line holders anyways, but a decent quality reel like a Ross or Orvis for $100 or less with the best quality line within your budget. My topwater leaders are generally 9-10ft long at 3X (I buy 7.5 ft and add tippet) and streamer leaders are straight 2X mono with a 2ft 3X flouro tippet section added to make about a 12ft leader. Sinktip leaders are about 3-4 ft long straight 2-3X flouro tippet. Most of the smallies in LR are under 14" so no need to overgun them with 7-8 wt rods.