All good info Wes. The Zebco reels are what most people start with( I still have one after 30+ yrs of fishing). If you want an econocmical setup for both species I would go with 6lb test, any lighter and you will have too many breakoffs from bass and any heavier and your pannies will shy away from it. Another great choice for pannies is the Mini-mite
http://www.cubbylures.com/ . I use these alot open water and with a roof on the lakes(ice). Panfish love 'em.
If you need to fish any deeper than3-4" use a slip bobber
http://www.catchingcrappie.com/slipbobber.html . The string and beads you can buy as a pack( just remember to rig it string, bead, bobber, then split shot and hook/jig). It allows you too set the string at amuch greater depth andnot have to worry about not tangling 6 feet of line. I pretty only use these any more. They aren't very difficult to rig even though I still mess this up when not thinking. If a fish runs with your bait but doesn't take the bobber down set the hook, Fish On!
For bass, floating rapalas,hula poppers and jitterbugs are great top water for early morning and late evening. Along with rapalas and other stick baits, plastics are a great choice. A worm hook is all you need and rigging these weedless is fairly simple. If you need help, ask your local bait/fishing store or come back here.
A good simple knot that I still use alot is the clinch knot
http://www.animatedknots.com/improv...ge=LogoGrog.jpg&Website=www.animatedknots.com and at times the palomar knot
http://www.animatedknots.com/palomar/index.php?LogoImage=LogoGrog.jpg&Website=www.animatedknots.com .
Crawlers are great live bait for both pannies and bass. I do tend to use more trout (red, brown) worms for pannies. They aren't as big as crawlers and not as thick either.
Hope this helps you some,fnc.