Rigging is a real finesse technique. You have to feel the bite and release the line quickly – before the fish feels you. For that reason I use a ML 7′ rod with a “medium” taper. The medium taper means that rod will have a very soft tip – thereby reducing the chance of the fish feeling me.
To make up for the softer action, I like to use a high modulus graphite rod. The one I use is the Walleye Angler Signature Series (WL70MLS). Very light weight but very strong and most importantly very sensitive.
The other reason for the 7 foot rod is that I use a “reeling” hookset. When I think it is time to set the hook, instead of sweeping the rod, I just start to reel – very fast. That way if I made a mistake and was just feeling the sinker weight (and not the fish), I will continue to put continuous pressure on the fish and loose very few.
For line – I like 6lb Berkley Trilene Sensation or Berkley Professional Grade Fluorocarbon. Both have lower stretch (giving me good feel). A no-stretch line like Berkley Fireline is nice too – you will feel the bites quickly, but I think the fish also feel you better. By the way, if you don’t have a real sensitive rod – FireLine is a great choice.