What is the best "all purpose" gear ratio, I want the reel to be multi-purpose, (crankbaits, jigs, worms, etc.) should I be looking at a 6:X.1 or a 7:X.1? -Alex

If I was getting 1 for everything, it would be a 6.X.1. 

Focus less on gear ratio and more on IPT, but as BB said something in the 6 ratio would be my choice.

You didn't mention spinnerbaits, which I find difficult to fish slowly enough with a 7:1, so would prefer a 6:1 if spinnerbaits would be important.  Same for some crankbaits.  7:1 OK for everything else.

6.XX is versatile enough to do most everything.

For general all around use 6x:1 is the most versatile to me. 

Once you begin expanding your rods and selections to more lure specific setups you can expand out to diffrent ratios. I personally use 7:1 for worms, jigs, and lures i need to keep slack up on line. I have 3 reels in 5:1, a deep crank with long reel handle, a shallow crank, and a spinnerbait. The rest of mine are 6:1. 

I would get a 6 ratio 

+/- 30 IPT

Thanks for everyone's input, after reading all of the responses, I think I'm going to get a reel with a 6:X.1 gear ratio. Thanks again. -Alex