I have an UGLY STIK Elite, it's 5'6

It's rated for 4-8 lb test, however I do put 10lb braid on, what would be the best setup that's good for trout and bass alike??? I do have an assortment of jigs, plastics, spoons, and whatnot, can some of you guys And gals give me some pointers???

What reel? ?

The recommended line rating is just that, recommended.  Not set in stone.  What does matter is the rod's power/suggested weight range, that'll dictate which lures it can set the hook well on, fish well, and if they load up the rod on the cast properly or not.  Knowing what lures you plan to use the rod for (and the rod's power) would help us help you better.

I have a Pflueger President XT, for braid it says (max) 8/110.

Gear ratio is 5.2:1

Rod says 5'6" Light, line 1/16-3/8 oz lure.

I usually just drop the worm to the bottom. However I'd like to expand my fishing knowledge knowhow

I would recommend watching a few YouTube videos from bass resources. Start with the simple techniques and then progress. 

 

Some ideas include Texas rigged weightless plastic worm, ned, neko, drop shot, and in line spinners. 

I strongly recommend going much longer on your next rod.  Longer rods generally cast farther, but the biggest advantage is a much better hook set.  A very versatile rod is a 7 foot medium power moderate or moderate/fast action rated for lures between 1/4 and about 5/8 or 3/4.  It will work well enough with just about all techniques, and much better than your current rig.  What reel?  Whatever you like-there are lots of good, smooth, reliable reels out there.  Pick a size between about 2500 and 3500, look for sales and step up to the next level.  Changes from year to year on most reels are not compelling, and a past year reel can be a real bargain.  About 40-50% off list.

Growing up I usually had on 8#and then I got into using 4# mono.  I quit fishing for 23 years, and by then there was the Internet and I had a computer.  Yes you can fish that light of a line and rod for bass with success.  Back then if it was legal we ate it.  Today no.  From what I read fighting a fish too long is not good for them if you plan on a release.  A fish of decent size is going to take some time to land on that Elite.  It can be a fun rod, but nowadays I go heavier.

 

I would suggest eventually getting a longer and more powerful rod for bass fishing.  I prefer a MHF as an all around bass rod, but I only target bass anymore and prefer lures in the 3/8-3/4 oz. range.  In your case I would look at a MF or MXF.  It should work for both trout and bass.

 

What is your price range?  I have a Lightning spinning rod that is over 40 years old and has caught more fish than any other rod I own.  Mine is a 6 footer.  Back then it was a longer rod.  Walmart has a 2-piece 7' M for less than $32.  A nice low cost reel would be a Pflueger Trion.  For a few dollars more the Pflueger President, Diawa REVOS or RG are other decent possibilities.

 

Also check out FFO (Fisherman's Factory Outlet) for some really good deals.  They have a 6'6" Medium Fenwick Eagle for $32.  It is rated for 1/8-3/4 oz.  A nice range for what you are looking to do.