If your primary focus is nymphing, get a 5wt 9'. Thats about the best and most popular rod you can use on the bow. If your going to be streamer fishing mostly however, step it up to a 6 or 7 wt.
You 7' wouldn't be all that bad. but it wouldn't be ideal. Would make it difficult im many situations to control your line, mending and so on. Best option might be to just try it your first time out and see how it feels. If you dont like the shorter rod so much, might want to step it up ti a new 9' rod. If it feels fine you could give it some more time. If you continue to fish the bow however you will more than likely want to upgrade to that 9' rod one day.
For backing, the best bet is to fill the spool as much as it will go with the fly line included. This isn't so you will have more backing to fight the fish, 100yrds is more than enough for the bow. You want this extra backing so your spool will be full. Pick up line faster due to one revolution of the spool reeling in more line. For leaders, i believe the most common size on the bow is a 9' 3X. I like to use a 3x leader, and add some 4x fluorocarbon tippet. This is for nymphing. For streamers i use straight 3-4' of 10-12lb fluorocarbon, when using a sink tip line.
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