Yes, a 7' medium/heavy action rod is ideal, with anywhere from 15-30 lb. test line (20# at the most, ideally). You can go with a conventional or spinning reel (I currently use all spinning gear). Here is some good info on light tackle Striper fishing, as well as why a 7' rod is ideal.
http://www.chesapeakelighttackle.com/2008/07/24/choosing-the-right-rod-for-light-tackle-stripers/
If you're on a boat, trolling with just tubes or the old tube-and-worm is pretty foolproof. Striper aren't that picky. They're actually pretty voracious. I have a bunch of different lures set aside for Stripers; Creek Chub Striper Strikers, Kastaway Bucktail Spoons, Yo-Zuri Crystal Minnows, Bomber Long a lures, Deadly Dicks are great! The name says it all.
A 1/4-1 oz. bucktail jig rigged with 4" pearl Berkley Gulp twirly tail mullet (or any other small softbait really) is a great set-up for both Striper & Flounder. Ideal for early season striper fishing and how I fished the Ogunquit River this past weekend. Hop the jig lightly over the bottom or swim it through the water column slow & steady. I picked up some Gulp Herring to try this year as well. We know they can't stay away from those herring, so I'm eager to see how it works at those times when nothing else is producing.