Congratulations starx! Have fun playing with it and if you get tired of fishing, let me know since I may be interested in buying it. Wishing you success!
So I never fish in MC, gave it a shot the thing works amazingly, just not my thing lol. Not particularly looking to sell it atm, but I am open to any offers. You can leave em here, or PM me in game.
Grats on the star rod! You might want to hold onto it and farm the heck out of it for now! Especially if you don't have any other ways of making money, you can probably sell the xp/items gained from it.
If I were you, I would trade it directly for a Melon Sword. You can use that as a very good sorce of income, and get mayor/donation features very quickly! Best of luck. If you need some words of advice, seek me out through forum PM.
Trading it for a melon-sword, or a Eff7 does indeed seem like the best course of action, especially if you don't fish. Whatever you do, don't sell it for under 600k! (also, pro-tip: do NOT take expensive, non-mining-related items on mining trips)
Personally, I wouldn't get the eff 7 until you have Pyro+, fly+, and /back. With a Melon sword, you don't need any features, just get repairs from mods only, and ALWAYS use a chest.