If this Lost Lake is the one on the northeast side of Mt. Hood, use any normal trout gear. If there is anything special they are hitting on you can find out at the store where you rent boats.
At times some nice trout come out of there.
There are some very nice sized trout out there. We were flyfishing in the shallows and had a lot of luck and fun last year. Get a rowboat or canoe and go trolling ford fenders (more blades the better) down deep for the larger rainbows (50-60 feet).
You will have a blast. We fished spruce flies just trolling them behing the boat at a pretty slow pace and we caught some really nice reds sides up there a couple of years ago. We also did well fish from float tubes about 30-40 yards off the bank casting BIG dries back toward the bank. That lake has a huge mayfly hatch and big dries that look at all similar work great and they are fun to fish.
Haven't used the campgrounds. Catch and release is up to the person fishing. I've released at least 4 rainbows over 20" myself, hopefully you'll do the same for me and they'll all be bigger next time we go!
The wind is never at your back at Lost Lake. It will turn around every time you get to the other side!