I wouldn't use a chod rig with a wafter, I would use a simple knot less knot rig with a line aligner personally, I haven't used the chod rig much but I would say it's primarily designed for pop ups (I will probably be proven wrong now) but just keep it simple,
Personally I would spend the time learning to make your own rigs, there are plenty of good videos on YouTube that can teach you, Carl and Alex are great to watch, they have started doing tutorial videos, just get watching all of those and you will soon learn your own way,
Bait is a personal thing really, if you find one you are confident in then use that, if your not sure have a good look around here there are plenty of threads to browse through on bait and rigs
Good luck