I'm going to build two downriggers and have questions.
1. Will my lightweight okuma kokanee pole work with it.Any rod will "work". You have to make sure you do not overload the rod in the downrigger. If you do, you run the risk of snapping it in two. That being said, I do not know anything about your rod, but most downrigger rods are very flexible. I use Eagle Claw glass rods
2. How much and what kind of weight is needed. Enough to get your downrigger line as close to directly beneath the boat as possible. This will vary with depth, speed, and type of rigger cable. I think they are typical between 5 and 10 pounds
3. Would 50 pound mono line work. No. Too much stretch. You will be working depths in excess of 100 feet and want something that will not stretch or drag like mono. If you are not going to use wire, use braided Dacron. And make it like 100-200 pound test.
4. What release I use the yellow planner board releases. I modify them to work on downrigger weights. They are the lightest I can find, yet can adjust tight enough to hold even the heavier Laker hardware
5. Do you still use flashers and snubbers on your pole line I cannot comment on snubbers. Never used them before. Flashers would be fine if you use them as an attractant before you get downriggers. Just make sure you account for the added drag and change your release tension accordingly.
6. How much line to let out before you clip it Depends on the day. Some days fish will chase the downrigger ball and thus you will have the bait closer (20 feet) Other times you want to have your gear as far back as possible 'cause they are wary. Trial and error each day.
7. Do you still need to set the hookNo! If you set your release tension right and the rod has the right backbone and bend in the clip, the hook set is accomplished when the release, well, releases.