Im gonna have to say rod, but like above, it is also dependant on what I am doing.
Ive made the jump from 70$ fenwicks to 200$ 13 Fishing rods in the last year and haven't looked back. Whether med-fast for jigging raps or med-light for small jigs, there is a very noticeable difference in the spine and sensitivity of the rod. I do see the need the for a mid range reel just for how smoothly the whole system works together, but im spending <$100 on reels.
In these methods, its all about transmitting that feel from the tooth of the fish to my arm. How I get it up to the surface is mostly irrelevant.
I do agree that cranking brings a different game, cheap rods and quality reels come into play here. I am running scheels and cabelas rods, cheapest I could find to suit the bill. I have diawa sealines on them for reels. I never spent more time cussing in the boat than I did while trying to use a scheels line counter reels.