I have read a few of Chris Yate's books recently, he generally freelines with a few bits of sweetcorn on the hook, and he used to hold the British Record. The more I read about the top anglers the more it seems to be about locating the fish, (and putting the time in for the really big ones).
Saying that I have loads of tackle, the trouble is its easier to buy tackle than put the time in to go fishing. Most of my stuff is not particularly expensive, the fish doesn't know what make your reel is.
Good luck