Just bought a new Lew's Speed Spool (The $99 model) and wanted to know which of my rods I should pair it with. My 7' MH or my 6'6" M.....I am leaning towards the 6'6" M since I use it more, but would love some opinions.

Inmho, it depends on application(s)  that you plan to use for that outfit. For example, a medium rod will not give you sufficient back bone for frogging. You might get away with the hookset, however if you are in some decent amount of cover you might run in to some problems. Again, it depends on the applications you have planned for it.

What's the gear ratio on the reel? What's the action on the rods?

I have 2 of the SS1L and they are awesome!!! I started bass fishing about 6 mo ago. This was my first bait caster. I have one on a 6'6" falcon HD med that is kinda a all around, topwater, cranking til i get some more money.Falton is nice, i prefer the open back reel seats. The other is on a is a Abu 2 nd gen. vengeance 7'. So far i have not fished it, i got it and on first cast it exploded about 10" from end as i loaded the rod behind me a hour after buying it... But the reel seat is nice and feels good i the hand, is very light. Going tonight and hope to get some time on it. I have looked at the Les American hero 7' and 7'6" mh and that is a sweet rod! If i were going again is but that one .

Put it on both rods and decide which one you like more. I really feel like its going to be personal preference at this point.