As for gear:
For my trout, grayling and smallmouth needs I'm currently very happy with an Anderson ACR 11'7" 3 weight - what a rod!
I use 240-280 scandi heads, mostly with polyleaders, exclusively on this rod, and feel that is a great range for trout swinging. Airflo, Rio
, SGS, and Beulah all make great scandi heads in the 240-280 range. I'm a big fan of rage or rage-type lines on my heavier rods - they are better in the wind or with heavier flies - and I lament that Airflo doesn't make a sub-300 Rage, because I think a 270 rage would absolutely rock on my 1173.
I also very much enjoy my 10'6" Beulah 4/5 wt Classic Switch. I use the same lines as on my Anderson, and I also put 7/8 wt single hand lines on it to overhead cast, which it does very well. I love this rod from a float tube or my watermaster.
Both rods have their own Islander FR2 hanging on them. They may be a tad heavy on these light trout two-handed rods for most folks taste, they feel and look perfect to me.
These rods are so much more fun than the heavier 5, 6 or 6/7 weight rods that I used to use for trout and grayling (although I still use a 6/7 for lake trout).
If I were to add another trout rod to my current collection (which I likely won't anytime soon), it would be an Anderson 12'1" 4 weight or, perhaps, the 12'5" 5 weight. Gary has these trout speys nailed.
Trout and grayling fishing on a two-hander is a hoot. My single handers and my tenkara rod don't see the light of day much, unfortunately.
I mostly swing on moving water, but also love stripping streamers. For the later, I'm interested in the new Airflo lines apparently coming out, although they too don't dip below 300 grains, which is a shame.
I don't do much dry fly fishing these days, but when I do I pull out my 7'9" Sage LL 3 wt.