Definitely the first one. Putting parts together is a delicate process, you wonʼt have the equipment with you all the time (maybe except the fishing line, and obviously the hooks).
After chatting with someone else about it I'm now thinking of separating the hooks from the process to be more like the bait - you can have a bait box, and also a handful of hooks that you take with you that attach to the completed rod. So while you have to craft the rod at the house, you can attach hooks and bait 'in the field'. :)
I like the idea of hooks and bait being separate and carried with you and reels and rods swapped out at home.
Makes personal inventory neater (more room for fish!) and maybe requires some planning before leaving the house (ie certain rods/reels for certain types of fish/locations)
In more technical terms, will this mean that hooks stack in the inventory? Like you have “12 iron hooks” in one slot and “47 porcelain magnet” hooks” in another? In this case I like it 😊