Patti,
Obviously Bluegills and Smallmouth Bass are 2 different sized, and strength fish..........what will be overkill for Bluegills should be OK for Bass, and what might really make the Bluegills feel fun would most likey be too light for a good sized Smallmouth Bass.
So what we need to do is find a rig that will make both FUN while being appropriate for the intended flies and conditions for both fish........
A good all-around #5 weight rod will be just about right for both as long as you don' t tangle with BIG bass on BIG water in BIG wind conditions.
If I knew your budget I could recommend a starting place to look for rods and reels.....and line. Or a complete package.
FLyfishing for these species is not too complicated so you can get away with some bare necessities at first........You will also need:
TAPERED LEADERS: (3X or 4X should be fine for average bass, 2X on occaision if you encounter bigger fish or need to throw bigger flies) 7.5 to 9ft leaders are fine.
SPLIT SHOT: For some of the flies a couple shot added to the line will help get them down to the fish
FLIES:
It helps to have flies if you are flyfishing. Some patterns you will want for Bass.........Wooly Buggers (Black,Olive, Brown colors in sizes #4 or #6) and also some smaller ones in sizes #10-12 for Bluegills
Popping Bugs will work for both , and Attractor Dry Flies will work for Bluegills
If you really want to get serious about the bass look into picking up a few Clouser Minnows and Clouser Crayfish.
With the Wooly Buggers and Clouser Minnows, just cast it out let it sink and bring it back in in strips of varying speed.........that' s a good and brainless way to start catching some fish. If you think the fish are down deep that' s where the split shot come in.
The Dry Flies and Popping bugs are meant for surface fishing and twitching them on a very slow retrieve should send the Bluegills nuts!
BOOKS: There are a BUNCH of good beginner level flyfishing books on the market, get to Borders Books and pick one up. Oh yeah.........read it.
You are gonna need to know a lot of stuff in it.....like KNOTS for instance. A good all around flyfishing book that teaches casting,knots etc, plus a book that targets warmwater fish like Bluegills and bass is another good idea.
NET: ? you might want one........nice Smallmouth Bass can be a handful, so if you actually want to land a nice one a net is a good investment. Get a " Catch and Release" style mesh net.........nylon is HELL on fish that you intend to throw back.
TIPPET MATERIAL: After a few fly changes you will notice that your leader is becoming shorter and shorter........You will need replacement material to attch to your original leader to get it back to it' s original length. How do you do this?........KNOTS. Read that book. Blood Knot, Improved Clinch Knot, Double Surgeon' s Knot etc are all important everyday knots that if you do not know will increase the misery factor for beginners.
TOOLS: Nippers
to clip the tag ends of knots, and the big fat bird' s nest you will turn your leader into sooner or later)
Hemostats: (To remove the unlucky fish from your hooks or to pinch your barbs down)
Polarized Sunglasses: (You' ll never know how much you were missing under the water' s surface until you use a pair of these.......plus they will save strain on your eyes)
Beyond that we can get pretty complicated and expensive, but this will get you catching fish.........as far as EATING the fish? You' ll definitely want to call your local Fishing and Boating Commission (whatever you guys call them out there) and ask about the safety of eating those specific fish. They may be OK but there might be a consumption limit. I do know that you don' t want to fillet up a bunch of nuclear powered fish.