Big Game is cheap and easy to find. Its pretty abrasion resistant too. Stren original is cheaper, more abrasion resistant, but a lot harder for me to find.
The 3/0 will do any thing a 555 will do except cast as far, unless you have the ball bearing aluminum spool version of the 3.0. Then you are giving up very little to a 555. You have to mag either one to get the most out of it. They both hold about the same amount of line.
For a 12 ft rod, Ocean Master, Tica, or if you got the money a Break a Way. The 11' 6" Pinnacle Shoreline Classic is another great rod that ain't so expensive.
A top shot is just a real long shock leader.(50 yds or more)
SJ, I tried casting braid and I don't like it. Maybe it will cast for you, but it don't for me.