Guess I'll add to the poor OP's confusion ...
I throw Warts where I need a bait to get down to 4-8 feet. Like others, I own way too many. If I had to keep three non-custom colors, they would be: watermelon seed for off-colored water or dark days in clear water; brown craw for a versatile, all-around color; and the V-209 for late winter/very early spring when red hues produce best. A very, very close fourth would be phantom green.
If I want/need to get a little deeper, I go to the Rock Crawler. Basic color needs for me there are phantom brown, phantom green and red craw.
As for a rod/reel setup, I recently bought a Denali Kovert Lite series finesse jig rod (7-3 length, med power, fast action) that just rocks my world for either the WW or RK. I have it paired with a Cabela's Arachnid 6.3:1 reel (same as a Daiwa Tatula) and 10-pound P-Line CXX mono.
Good luck with your search.