I have been making these for many years now, although only really began catching fish on them consistently a few years ago. Cheap enough to make, the blanks are about 35¢ each, the lead is free, the clips are about 8¢ and hooks are whatever you want to put on them. In the picture above I have Mustad Triple Grips on it, but since I took that picture I have been using a black pearl Eagle Claw round bend hook. I bought a couple bags of them somewhere for $9 a 100 and they are halfway decent hooks. I also use the Duo Lock snaps now, instead of what's pictured.
Most people would probably cringe the way I attach the hooks. I read a couple years ago about someone doing it this way, and they said to attach the hooks to something solid and pull until something breaks. They said something will give besides the hooks every time, and I would have to agree. Basically I just use side cutters and cut the hook eye, flex the eye open just enough to slip on the bait then close back up with needlenose pliers. I have caught lots and lots of fish doing it this way and have had zero problems. Only once have I had a hook come off, but the fish was already in the net and doing the death roll and getting tons of leverage on the bait.
My set-up for bladebaiting is a 7' MH casting rod with straight 17 pound flouro. I see no reason to use anything lighter than that.