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I will agree with BigCliff that a 5wt would be a great overall fly rod for both trout and bass. I like 4wt rods a lot too. If you keep your bass small a 4wt will work and then it would also be good for bream fishing.
I also agree with Cliff in that TFO has a great line up of fly rods. They have done a lot of good work to make a good product and they have certainly marketed themselves well. There are a couple of other very good options however, that I think you should also consider.
First of all, let me make this perfectly clear. As Site Administrator for this forum I feel that it is my duty to not blatantly promote my fly shop nor the products that it carries. I will only discuss these products if asked to in a post. Since you’re asking for opinions on fly rods, I’ll give you mine.
Secondly, as I said above, TFO makes a good rod. You will not go wrong if that’s the rout you choose to go. Remember this though… you do not get a rod tube with a TFO rod. You will have to pay extra for that. So make sure you know what the rod tube will cost you. Also, the TFO rods are fast action rods. This is not a bad thing if you like fast action rods in the lower rod weights. It has been my experience that most folks who fish a 4wt rod prefer a little slower action. I have taught fly fishing at the college level for 7 years and have determined that most average casters do better with a moderate action rod. I’m not the only one who shares that opinion. What action works best for you is of course only your decision.
I want to point out two great rods at two great prices.
Elkhorn is an up and coming rod company that makes an excellent fly rod. They have 4wt and 5wt rods from a 2pc all the way up to a 7pc travel rod. Their most popular is the 904-4 it’s a 4wt – 4pc – 9ft rod and is more of a moderate action rod. Elkhorn also has a 5wt – 4pc – 9ft. Each rod retails for $159 and comes with a rod tube at no extra charge. There is an 8ft rod in this same line also. The 7pc 4 and 5wt rods are only $179 with a rod tube. Like TFO, it also comes with a lifetime no-nonsense warranty. These rods are also very nice looking. You can take a look at the Elkhorn rods at http://www.thefullcreel.com/files/index.php?id=86
OK… now… ECHO also makes excellent fly rods at fantastic prices. World-renowned fly fisher Tim Rajeff developed this fine line of rods. They have a 4wt – 4pc – 8ft and a 5wt 4pc – 9ft fly rod that are a joy to cast. Now this rod is a Moderate/Fast action rod. This rod sells for only $129 and does come with a rod tube at no extra charge. They cast like the "money" rods, but don't require financial competence to purchase. They’re also very nice looking. You can take a look at them at http://www.thefullcreel.com/files/index.php?id=87
Now... my favorite fly rod of all time is the G.Loomis StreamDance GLX Presentation 4wt - 4pc. This is the sweetest casting rod I have ever cast… period! OK... perhaps I am a little bias… but I did cast that 4wt before I became a G.Loomis dealer. That is the exact rod that sold me on G.Loomis. I bought one for myself and then stocked my fly shop with them. But these are certainly higher priced rods at $615.
So take your time and compare all rods that you’re considering. Try them all out if you can. If you purchase one online make sure that you can send it back if you don’t like the way it feels and casts. We offer a 14-day test drive on all of our fly gear including fly rods. If you buy it you have two weeks to try it out before deciding to keep it. You can even fish with it before you decide. If you then decide that you don’t want to keep the rod just send it back for a complete refund including the shipping costs. Since you live in Lindale and we're in Flint, TX you can test cast our rods. Just let me know if I can help.
I’m sure you’ll find the right rod for you.