For bass you can get buy with the medium action. The length depends on what and where you fish - if you are inside a shack, you may be limited in length for hook setting. Outside, you can use as long as a rod as you are comfortable with.
The lake trout rod you are going to want a heavier action rod, and I would suggest going to a lot longer rod length. You could be in the 36" to 48". The length allows the rod to bend further down in the backbone. You are going to get a lot of head shakes, and you want the rod to take up those.
There are alot of good rod manufacturers out there - 2B/Elliott rods, Clam Jason Mitchell Mackinaw rod, TUCR, St Croix to give you an idea of what you are looking for.