So I have 5:1 and 6.3:1 reels... I also see 7:1 reels advertised... What type lures are the different ratios good for and does it really matter or can I just get 6.3:1 and it be a multi-purpose? Right now I have the 5:1 on a crankin' stick...

You are on the right path. 6.?:1 is an all purpose ratio. 7:1 are good for jigs and worms. 5:1 are generally considered better for cranking because the reel has more torque and doesn't take as much effort to turn the handle. This is especially true for deep diving cranks.

thanks for the response.. I only have 4 rods so I can't get too specialized but it is plenty for me...