I thought by the title you were going ULTRAligtht.
Most suggestings are just barely on the light side and really hovering in the medium range.
If you want to try ultralight use 4lb mono. Its tougher than you think. Although I did swtich over to a 8 lb test 3lb dia. braid a few years ago. But was mainly for the abrasion reasons. And in the long run it is hands down cheaper.
For the rod, I stick with a 5' or 5'6" ultralight spin. I have two Falcons and a couple of Loomis rods at the moment. Both have horsed some very respectable fish from the brush. And that is also where a small dia. braid helps. I also won't fish any rod without ceramic eyes. Especially on the tip. Lines will cut into the tip eye and create grooves that cut into your line.
I like smaller, lighter spinning reels. Somewhere in the 5oz range. I have tried a lot of different manufactures over the years and they have all worked about the same. I usually change out reels about every 5 years. I have used Pflueger, Shimano, Diawa, Shakespeare, and even a BPS rebuild that worked great.
Small rods mean small baits. If you are tossing a 1/8 oz anything like stated above, you are not fishing ultralight. On the smaller creeks I like to toss Rebel Deep Teeny Wee Craws, Super Teeny Wee R's, Wee Frogs and Crickhoppers. I love throwing a 4 inch texas rigged worm. A 1/16 oz jig head with a 2 or even 3 inch soft craw is deadly. Just about any 1/16 oz type jig is really good. Maribou, hair, what ever. And like you stated a Torpedo will get some action. But I would make it a Teeny Torpedo. Really to simplify, just downsize your baits.
But don't think just because you downsize your baits and your approach, your fish will be downsized too. Yes you will catch a bunch of smaller fish, but that is because you are fishing predominantly smaller water. But there are some very respectable fish in there. Don't be shocked when you pull some 2 maybe 3 pounders from those waters. Its a freaking blast on the small rod!