I do a little lake trout fishing every april. I usually don't fish any deeper than 100', and I use an fl-8, and find it does the job, better than nothing, but I guess you'd want something with more range for deeper than 120'.
I have been using braided lines with spinning and baitcasters including an abu ambassadeur. I always tie on a mono or florocarbon leader. This year I think I will try one reel spooled up with just mono, as the smaller lakers really head shake and roll so I think the stretch in mono is benificial in this case, as I have lost more than afew to the violent shaking. I have been using 28-32 inch medium, med-hvy, and heavy rods but would like to get one around 36" and med-heavy or heavy spooled up with some 20-30lb mono.