I really want to get a look at those Cape Fears - impressive reading about them...
Rob - really depends on what you are looking to. In my opnion, a good surf stick for what I like to do is one that let's you through under 3 ounces 200-300 feet or good with eels, decent backbone yet light enough to cast all night. Optimum size for me is 9 feet.
Spinning reel
price no object - Van Staal
price important - Nautil or Penn or Shimano Baitrunner for eeling (I haven't used any of the big expensive Shimanos before)
Conventional -
price no object - Calcutta 400 (Maybe the TE too) - the Calcutta 400 is a SWEET reel, Penn 965, a little more problematic than the Calcutta but also a nice reel, Modded ABU 6500 Mag Elite or Big Game or most of the higher end ABU reels
price important - ABU 6500 TCST, many bearings, Big Handle, excellent price - less than $90 - add smoothie drags for another 6 bucks and you have the best bang for the buck conventional going
Couldn't tell you about fly reels - out of my league...
Rods:
Most custom rods can be made spinning or conventional - they are just built slightly different to suit the reels
My personal favorites:
More $$:
10' Lami 1205XRA - Cast bigger plugs a country mile
10' AllStar 2 piece series - don't own one but they are very impressive and want one
9' Alstar 1088 - Haven't fished mine yet but I already like it
8' G-Loomis SU965 - Awesome light surf rod that can handle nice bass and stop an albie in it's tracks.
8' St Croix SCIII Steelhead rod - setup spinning it's a tick lighter than my Loomis is matches very well with the Stradic 4000
Less $$
Any of the Batson Rainshadows 8-10 feet. I have several in varies ratings and they have an excellent bang for the buck. The 9' (OK 8'10") 1088 is my primary eel - medium plug stick, all-around go to rod
and it runs half the money of a comparable Lami1083...