Ralph, the reason you haven't gotten a response is your question is so broad that no one really wants to get started on what would be a very lengthy response.
If you take the time to read the forum, you will get a pretty good idea. Just reading the guides I have written on lures, rods, connections and rigs would get you a reasonable way there.
You will be completely outgunned with your current outfit which is way too light for GTs. In terms of whether you should buy or rent, only you an make that decision.