By far the best lure is the Norwegian Pirk - for some reason they're hard to come by here, but you'll find them in every supermarket and petrol station there - they definitely outfish everything else. 100g will only get you a few meters down - you'll be fishing in up to 400m of water, although you can get fabulous coalfish only 40-50m down. I find that 400g is a nice weight - heavy enough to get down to the cod and light enough not to leave you with a hernia. The rods I use are 20-30lb class with a good multiplier filled with 50lb braid (at least 300m). Using braid is important because of the depths - you'll simply never hit the bottom if you use mono.
I've never fished Lofoten, but I've fished a few places around Tromsoe and I imagine the fishing will be similar. You'll definitely get big cod and haddock and coalfish, with the foreign redfish (I only ever seem to get tiny ones) and wolffish (this is the only fish that scares me - they explicitly attack you when you get them up, rather than the usual flopping about). Of course, the real target is halibut - when you come back you can show us the photos of the 100kg one that you caught.
I use the map here (
http://www.norgeskart.no/?sok=lofoten#9 ... 0507/+hits) to look at where I''ll be going and to try to plan the fishing - zoom in for the sea charts. BTW, the area is called Lofoten (with an "e").
Have fun - the fishing up there is magic!