I have a Wright & McGill Clunn Reaction Rod 6'8" Heavy Square Bill rod and a

Daiwa Aird 4.9:1 gear ratio casting reel is it a good combo for crankbaits. I payed about $200 for the combo could I have got something better for the same price? 

 

 

The rod and the gear ratio of the reel are both meant for cranking. They should work fine. Whether that's the best combo for the money is debatable but that's neither here nor there really.

Would you return the equipment if someone provides a different option? IMO, if you like, fish it.

Gear ratio of the reel is more of a deep diving crankbait reel. Probably not the best if you're going to be throwing a lot of square bills but it'll work. You can always swap the two from each other as you upgrade. Ive never used the rod or reel you described so I can't tell you accurately if you got the best bang for your buck. Like Arv said, if you like it..fish it.