Depending upon the fish you are trolling for. I have 4 sets of Penn 310 gti's and 7' ugly stick 1101's MH action rods. They work great for jigging, livelining, chumming/chunking, and trolling smaller baits through the summer and early fall. I dont think they would the greatest for trolling for the bigger migratory fish unless you want your handsfull for a while and are prepared to stop the boat on a hook up.
What Skip said, However, with that in mind, I have a combo that seems to do both pretty well. I have two Penn 975 lever drag International reels that are rigged up on Penn 6'6" MH International rods. We use 'em for trolling Stretches or double 'chute rigs & also use 'em for drum fishing in the summer. All up you will lay out about $400 for one stup but they work well.
Aa abu garcia 6500 c3 bait caster on a 7' to 7'6" medium heavy flipping sick, 30 pound fireline. This set up will cast your muskie lures, jig your striper baits, troll a stretch 25, chunk for stripers and red drum, you name it.
It's not the best for any one thing, except maybe casting large baits, but it will do everything. I wouldn't try and pull an umbrella but a chute and 9" shad should be doable. There are also better quality reels out there that are designed to have more torque, higher line capacity but still light enough to cast or jig with.
Maybe look into buying an avet reel with a lever drag. With this reel you can throw school bluefin tuna into the list above.
You can do "light tackle trolling" with jigging rods - you just need to be careful. Definitely not ideal, but better than nothing if you don't have everything.
I've been dying to learn to troll crankbaits with a bucktail above them on a 3-way.
Biggest concern is probably what happens after you hook up. I'd only troll a 4 or so rod spread so that you can take the boat out of gear and everyone can clear lines.
I've caught lots of fish trolling stretch 25's with cheap ulgly sticks (I prefer a slower action rod to absorb the stress of a strike or a big fish being on with the boat in gear). I always take the boat out of gear when a fish is on, and only knock it into gear to keep the lines from fouling if the current is pushing the boat out of the intended trolling path).
The key is probably lures that float when the boat is taken out of gear, as opposed to sink and get hung up. Could always put a spoon or something wwb that will sink too if you've got an extra set of hands on board... that way if you get a fish on one of the other lures the person can just reel in the spoon.
It's not ideal, but it can be done imho. That said, I haven't done it as much as I'd like.
You can troll certainly with light tackle. I used my regular 6 1/2 ft med action rod with Penn 4400 and 30lb braid this spring with a sigle parachute off a planer board. It took some doing and I usually had to at least slow the boat down when reeling in a fish, but I caught rockfish up to 38inches trolling the same rigs used for LTJ. I think the planer boards help hear because I can set the drag on the reel at an appropriate setting and the impact of the strike is absorbed by the rubberband and the board.
We kept that fish so don't get on me about my improper handling of the fish. You can see the rod at least in the pic and the 2oz chute we caught it on.
Here is the action shot. The boat still in gear but slowed down from our trolling speed we used. Again at least you can see the rod and reel in the pic.
The PENN 535GS/525 mag are fine for trolling lures to 10 ounces and put those on a muskie rod rated to up to 20-40#/ 3-4 ounce (casting) and all is well. They cast 1 1/2 ounce lures as far as LTJ rod casts a half ounce lure. 3 ounces and the lure is out of sight.
I have used these rigs on cobia, amberjack and big stripers, 3# blues and rock are still sporty too.
If I had money to burn I'd go with the heavy Loomis ProBlue rod with a Torque 100/ Trinidad 12.
If I were on a budget I'd go with the 535/525 on a heavy star rod...
These are high speed reals that don't sacrifice torque. The rods are graphite...lite and powerful...I have not had to stop the boat on 25# rock...but have turned to the fish to help the angler while trolling....then use these for spanish trolling in the summer and it is sporty.