Any reel that turns without seizing, and any rod (the shorter the better) that you can jig with one-handed will work.
I prefer the squid jigs with the needle-like prongs on them over those with treble hooks. You just turn the jig upside down and the squid slides off into your bucket.
Squid usually shoot ink when you first lift them out of the water. Leave them just above the surface for a few seconds until they jet out all the ink---those standing next to you will appreciate that little courtesy
Squid ink doesn't come out of your clothes. Wear old ratty dark-colored stuff.