The hooks.. I prefer hooks a little bit larger than Brian. We are doing extremely well on 4/0 and 3/0 hooks. 2/0 hooks are just too small for the shad we are using most of the time. There isnt much difference in weight between these hooks, and they seem to have a very high hookup ratio the way we are fishing them. When I get a bite and feel there is a fish on the other end(barely tight and tap-tap-tap).. I set the hook! Circle hook or not our hookup ratio is very near 100%. Setting the hook seems to get many of those fish that are swimming towards you also with sturgeon. I think that quick set is enough resistence to bury the hook even with the little resistence of a weight.
For a setup.. much like catfishing.. I use anywhere from 6″-18″ leader of the same line that is spooled on my reel. 20# mono has held up fine, but you have to retie when it gets too beat up from little fish. For a weight.. anything but no rolls work great The no rolls really tend to wrap up the line very bad in deep water. It can be kept slightly under control by holding resistence on the line when your rig sinks, but its better just to switch over to bank sinkers or some other type that dont spin so much. 1 1/2-2 oz works great if its reasonably calm, 3 oz is a little more user friendly on windy/boat wake days.
The rods… its already been said, the rods with lighter tips are easier to detect bites and do help tremendously. Heavier rods will work when they are very active, but keep a very good eye on your rod, and keep a couple inches of slack in your line and your hookup ratio will still be pretty good. If you have a tight line(loaded rod) with a pool cue, your going to get lots of 1 chomp bites and the fish will be gone.
I cant stress how important it is to keep your line as still as possible. You dont want your rig dragging around in the muck.