10 lb mono is good for schoolies. You can go anywhere from 7 to 9 feet for a schoolie rod. I have a 9 foot Lami steelhead spinner rod but am building myself a St Croix 70M which is a 7 footer. I believe its available off the shelf. The 8 foot 967 Batson Mike P mentioned is nice but you may have to get in line to have one made. Its nice in that it will also throw up to 3 OZ reasonable well. You wouldn't be limited to using it as just a schoolie rod. Mike T also had some Cortland rods in his shop that were schoolie size and they looked very nice for the money. About $75. One was a spinner maybe 7'6" that looked like a nice schoolie rod.Did I say them Cortland rods were very nice for the money!
I would avoid the Ugly Stick. Its OK and certainly worth the money but for just a little more , you can get something really nice in graphite. Take a good look at the St Croix 70M or 76M.They are about $100. Lots of people use it for schoolies.
There are a million small reels that will work. I'm partial to Shimano , Daiwa and Abu center drags for the light stuff. I believe the Shimanos are more money , next would be the Daiwas and the least expensive would be the Abu center drag reel. Some of the Daiwas are outstanding but some aren't. Look them over. The Penn 4400ss or 4500ss are pretty good too. I've had trouble with the bigger SS reels but the smaller ones seem good. My heart says get the sustain 4000 but the pocketbook won't like that.
If you get the Cortland rod , you would have extra money for the reel which is how I would spend the money. Even though its for schoolies , it will drive you crazy if the reel isn't smooth. You keep thinking something is touching the jig but its the reel not turning smooth.
Anyway , for off the shelve combos , a Cortland rod and Penn 4400SS would run you just under $150 and be pretty good. Next move up would be a shimano or daiwa reel and you are at about $200. Next move up would be a Shimano Sustain and the Cortland rod for about $275. Going for broke would be a Shimano Sustain and a St Croix Benn Doer at about $310. 10 lb Berkely Big Game would be good for any of the set ups.
Long winded huh?
Problem is that I think you would be hard pressed to get a custom rod made up before you need more than a schoolie rod anyway.