Re: What kind of line?
Without backing braid will just spin on the spool unless you tape it down or something. I use the double uni to join braid to the mono backing. High-frequency user like lubedude might replace it annually but braid will last just about forever - and you can re-color it with a magic marker - you know only the last few feet need color anyway - not that I think color matters. I always just get lo-vis green just because it looks good. I have a couple reels with 50lb powerpro & the others have 12 or 14 lb mono. Couple reels with duplicate spools get one braid, one mono. Stren or trilene, which ever wallymart has in stock for the better price. Mono will get brittle, faster if exposed to sunlight. Sometimes just a couple or three months. I don't want to buy bulk cause I'm afraid it'll go bad before I use it. Before braid, I used 17lb mono - don't remember breaking off any fish on it.
other disadvantages of braid:
hard to cut - nail clippers won't always cut it sometimes even a sharp knife won't cut it.
It ties itself in knots pretty easily especially around your rod tip - you can't always shake it free like with mono.
zero stretch - sometimes you need your line to stretch a little. Shattered the pinion gear in a spinning reel once.
Slips out of most knots - palomar is the only knot I know that will hold it - except for the previously mention self-tied knots.
It will cut you! Wrap it around a screwdriver handle or something to pull it off a snag.
Can snap if subjected to sudden shock - try boating a 10lb striper without a net, before its tired out.
other advantages:
Sensitivity!! great for soft plastics especially unweighted like flukes & senkos.
Zero stretch = hookset!! Move the rod tip 3 feet - that bass is gonna move 3 feet.
Won't break - you'll never lose another snagged lure (except if you use a leader) But do be careful not to break a rod.
On a spinning reel, braid is more forgiving of slack and/or twist.
Abrasion resistance.
And do not, repeat, do not try to bite through it. A dentist (believe it or not) on my local fishing board posted a pic of a crown he broke just using his teeth to snug up a knot.
Far as economics are concerned, if you're buying the hi-dollar crankbaits, braid would be a good investment. Bottom line, if it was me starting out with two rods I'd go with 17lb mono on the baitcaster and 12 on the spinner. Maybe get 150 yards of 50 lb powerpro at some point, put half of it on the baitcaster and keep half for later. Or spool it up on the spinning rod if it has a spare spool. I mean, how often do you let out 75 yards of line?
Try different lines over time - I think differences in peoples' habits accounts for why some have good luck with one line vs another.
sorry, long post, didn't realize I was rambling on...remember, I'm no expert...