I use dropshot a lot but I'm usually using bait and from a boat and for panfish (yellow perch, bluegill/pumpkin seed, rock bass, etc). I have also used it with plastic grubs and finesse worms.
Having said that, drop shot is fairly basic. I usually use light line (5lb test flurocarbon) with a swivel snap tied at the end and a 1 or 2 oz sinker attached to that.
For a hook I just use what looks to be the right size. While I do have specialty drop shot hooks, I often tie a regular one on the line with a dropper loop knot cinched tight to the main line (there is also a drop shot rig knot - like a surf knot).
Any pole can be used - it's a question of the fish and your preferences. Cost-wise, it's comparable to fishing with a bobber/slip-bobber.