DON'T cheap out on the split rings.
I have bought both cheap split rings and cheap duo-locks... both are terrible. They will always bend out.
Honestly, don't cheap out on lure components period, everything is important. Swivels (especially on spinners) prevent line twist, and the split rings hold everything in place, and will bend out really easily if you cheap out.
Even the spinners and spoons themselves are important. Cheap spinners and spoons won't have good shape (won't have as good as action), and won't have good reflectivity. If you're going to go cheap, order each component off a reputable website, don't get dollar store stuff.
As for your hook attachment.
If you're running spoons, do my trailer hook method. A spool of 30 pound dacron is 6 bucks, and a pack of 100 size 1 matzou's is 9 bucks. Super fast to tie up, and works super well. No having to go out and buy open eye hooks, split rings, etc.
Spinners... the trailer hook doesn't work super well. It does work, I use it sometimes when I'm lazy. It tends to get spun up after a few dozen casts and kinks up fairly high under the spinner. If you pull on it, it will un-kink and hang again, just can be a pain.
Btw...
After a year and a half... the best combo for hook-ups and landing ratio's I've found is a size 1 hook on a braid loop around 2.5cm long. Works awesome for trout, steel and salmon. I'm batting around an 80% landing average on all species this year on metal, which seems to be about as high as it can get from my experience and other metal chuckers I've talked to. Should also mention this set up seems to hook fish on the outside of the mouth/under the mouth/right in the nose most of the time. I've only had 1 bleeder this year, and it wasn't severe (stopped bleeding once hook was removed and fish was held ~10 seconds).