Fly rod newbie questions

Hi All

This is my first post on this group.

I've never fished w/ a fly rod - I'm a baitcast/spinning type,
panfish, N Pike and Bass are my normal quarries.

Today I found a fly rod in my shed - a remnent from a
previous owner. Its a South Bend 8ft, 2 pc, med action,
7wt rod. The labeling on the blank says "graphite re-inforced" -
what ever that means. No reel. I've been a bit curious about
fishing w/ a fly rod, so I've read a few books I've picked up at
my local library.

I assume that this was made in Korea or China, and that
the blank is mostly glass.

Can some of you give me some ideas and direction on this rod
/ fly rods in general.

To much for a newbie? To little? To much rod for
panfish & trout? To little for bass and pike?

How about a reel?

As a newbie - should I even bother w/ this rod, or
pick this up later on after I've gone thru a more
entry level rod?

Any suggestions as to getting myself equipped from
this point (assuming this rod would be useful for my
needs)?

Thanks

Jim