In my experience you can have one setup that does several things ok, but not one thing really well. For trout, I use a 6'6" ultralight rod, light will do also. You don't need to spend a ton of money either, I have some more expensive rods but most of the time when fishing for stocked trout I use an Eagle Claw Feather Light. Its a light and very sensitive fiberglass rod, costs about $15 at Bi-Mart. They also have a Berkley Cherrywood UL graphite that is a little more. I wouldn't spend more than about $35 for a trout rod, you can spend $100 pretty easily and its not going to catch you any more fish. While more expensive rods have a better warranty, if take care of your gear it will take care of you. Also, its good to have a backup rod just in case yours gets stepped on or broke, your trip or day isn't ruined. So if you buy something cheaper, you can use it as a backup if you decide later to get something more expensive.
As far as reels go, they don't need to be huge, but you don't want something tiny. The best 2000 size Shimano or 20 size Okuma that you can afford will do just fine. Up until this year I've always used Shimano reels. I picked up an Okuma fly reel and was impressed with the quality, so I looked at their spinning reels, and was equally impressed. I think you get more for your money and the quality is on par with Shimano. I just picked up an Okuma Stinson Si20 at Bi-Mart last week, 7 ball bearings, butter smooth, perfect size for trout, on sale for $24.95.
Line is somewhere that your preference will determine your purchase, mono, braid or flouro. But don't skimp here, cheap line is just that, cheap. I use Berkley Vanish Transition in 6lb. Its a flourocarbon that is visible above water but clear under.
These are just my suggestions, your mileage may vary. But get the best brand name stuff you can afford, you can get a nice setup that will last for years for less than $100.