I wouldnt bother with new rods, unless you were really really serious about it. Don't get me wrong, I'm the worst person for buying a rod for each specific method etc, but having caught lots of squid in the last 5-6 years, I really don't see the need for specialist gear. Then again I only have a proper go for them from about September through to November.
I use my Shukan, fish a jig on a kind of drop shot rig and just slowly bounce it along. You can also fish them dead still and the squid still take them. There is no mistaking it when one has hold, it'll feel like you're dragging up a plastic bag. Occasionly they have a dart backwards, but it's more deadweight than anything.
A nice tip I learn't the hard way: when landing them, don't lean down and get your head too close, as they might jet their ink straight into your mouth, leaving you with funny black patches around your lips and chin that you have to go into work with the next day and explain to people that a squid bust in your mouth without sounding like you are a freak with a cephalopod fetish.