I would prefer to not get a glass rod, but this rod is the perfect length and action for what I want. I really like St. Croix rods for reaction baits as well. So does anyone have the Mojo 7'4 medium glass cranking rod? How do you like it and how does it balance? How well would it work for KVD 1.5's and Rat-L-Trap 1/4 oz lipless cranks?

I have one and really like it. I have no issues with throwing 1.5's and red eye shads. I have not thrown any 1/4 ounce traps, but I believe the rod can handle it. I currently have a shimano curado E5 on the rod, fished some of last year with a Lew's tournament pro. I can zing a 5/8 ounce rattletrap or 2.5 KVD easily 40+ yards. I don't even consider balance with this rod as I usually have the tip down...

 

Of course, your mileage may vary

I have this rod too and really love it for throwing 1.5 and 2.5 as well as redeye shads. 

How is the sensitivity? Can you feel the bait vibrating? Does it load up like a graphite rod on the cast or do you have to let it load up more?

Have you used a glass rod because it is different from a graphite?  As far as sensitivity, I feel the bait but it is not as pronounced as graphite.  The tip loads and launches baits.  For squarebills the soft tips allows the lure to bounce around off structure.  I don't use rattle traps much but use red eye shads and I feel those vibrate nicely.  For me when a fish hits I definitely know it.  I just lean the rod to the side and the fish is pinned.  I tried using a graphite rod for this but vastly favor the mojo glass.  Sensitive enough with a nice tip and parabolic bend.