Generally in the 8 to 12 lb range for tippet and most use mono. The vast majority of people use floating lines as the the bone fish are generally in water from inches deep to 3 feet. It depends on where you go for flies, sizes vary from 8 to 2. You will probably need flies with heavy bead chain eyes to almost no weight for the really shallow water.

In Belieze I caught all my bonefish on bonefish biters in sizes 8 &6 ( which represent small crabs in a foot of water or less. In the Bahamas people generally use bigger sizes. Al Campbell and others have been successful on Als Shrimpf http://flyanglersonline.com/flytying...082701fotw.php. As you search you will find that there are at least a quadrillion different bone fish patterns