I’ve just picked up a light pole and reel is on the way via USPS.
Bought Daiwa Crossfire 5’6″ 562ULFS rod at Big5 sporting goods for $25. It weights in at 2.55oz and is an Ultralight spincasting rod. However, this means it’s not just light by weight, but is aimed at handling smaller fish and is very flexible.
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26 ton IM-6 Graphite blank construction
Aluminum Oxide guides
Stainless hooded reel seat
Split-design foam grip
Hook keeper

The lightest reels I was able to find are 5.4oz Basspro and Okuma UL-10. While Basspro one had somewhat decent reviews, Okuma was mixed. I ended up getting another Daiwa –  Crossfire CF1000-3Bi UL spin reel (6.0oz). It’s their second lightest after Crossfire CF500 (5.9oz), but difference is just 0.1oz, while they have different design and 1000 has higher line capacity. 1000 should be better designed and a better real.

The trick with these when fishing is to set the drag right and not bend the rod too much if it is larger fish. It will most likely break if you bend it into a U, so with larger fish keep it almost horizontal, set the drag , reel in when possible and let it spool if it needs to. Tire the fish out and then bring it in.