I look for a rod thats not too heavy for the fish I'm after, and a more moderate action (think 'glass here). Most plug rods have fast or x-fast actions. I don't think that is the best for plugs. I want the rod to flex enough so that the fish can hit the plug and turn its head without the rod yanking the plug back out of its mouth first.
The 5500 and 5501 reels work great for me loaded with #10 line (12 for bigger fish). Although some might call this line light, the combination of it and the more moderate action rod means the plug can dive deeper and really dance compared to the same plug on a heavy, fast rod with heavy line.
I set the drag about the same as drift-fishing. The fish can take line but their is tension. A locked down drag will either break the line or turn the fish back so that it is facing straight at the boat where it has the best chance of popping the hook.
Depending on the size of the plug, you might look at Excaliber or Triple Grip hooks over the factory ones. Small light plugs like the Triple Grip better (lighter weight) while hot shots, etc will keep their action and still tune with Excaliber hooks. Can't say it will work for you, but I've landed 20 of the last 21, compared to 7 for 13 before.