Welcome! I saw your post on another site & replied there too. I'm in Arnold.
I don't know anything about that Dogwood Canyon rod so can't give you any opinion. Depending on your budget, Temple Fork Outfitters (TFO) rods are very good.
For pond fishing a 5 wt should be fine, unless you're more interested in bass, then a 6 wt would be better IMO. Of course if you're primary interest is bass, then a 7 or 8 wt would be better still, because the lighter rods will limit the size flies you can cast. However, the heavier rods will be more than you need for the majority of panfish in this area.
Flies are easy, most anything will work in a pond, but it's a good idea to have some variety of sizes & both those that float & those that sink. You'll get various opinions about fly sizes, for panfish & bass. IMO you really don't need to go smaller than flies tied on size 8 hooks. Most of the time, any time I'm chasing panfish, I rarely go smaller than a size 6, and use size 4 most often. When you get smaller, particularly in our area, you'll get a lot of small fish swallowing the flies deep, making them hard to release & harming the fish. I miss many smaller fish with the size 4 hooks, but that's fine with me.
Poppers & sliders are good pond flies for topwater, and most any "buggy" looking flies for subsurface will be eaten. A few baitfish patterns are not a bad idea either. Crappies, Bass & perch all like baitfish flies, and even Bluegills will eat them. Woolly Buggers are a good pattern style that imitates many things so if you have them, that's a good start.
Largemouth flies for this area again don't need to be specific patterns. There are many that will work well just as a variety of lures will work. I use different pattern types, and they'll all work.
I'm a big fan of flies tied with rabbit strips, and the older styles such as Deceivers, Clouser Minnows, Half & Half's & Seaducers. These will also all work well for other area species such as Pickerel, and some of the panfish such as White & Yellow Perch. Some variety of sizes is a good idea.
As far as fly colors, you can get as complicated as you wish or as simple. Anything with a base color of white is always good for baitfish patterns. I like those that have black, olive or gray backs combined with white, which will imitate most anything that swims around here. I also use a lot of chartreuse, & black. Other colors will have there place too. For insect type patterns, I use olives & black most, but tans & browns can be productive at times. For Buggers, all colors will work, but again I use white, olive & black the most.
I mentioned the up coming Tiefest in my other post too. That's a great event that you should consider attending. There will be many fly tiers there that you can get some great advise from, and watch them tying. Check the CCA MD website for information. There's also been casting instruction at that event too. Lefty Kreh has given casting demonstrations the last few years, and you would be hard pressed to find a better person to learn some casting from.