Today I picked up a Lews Mach Speed Spool SLP (7:5:1) reel... is it a good reel for a frogging set up? And I also got a 7" Medium rod, wondering what type of reel would go for that if I plan on using mostly moving baits with it?

The lews should be fine.  I usually prefer aluminum reels for frogging, but I don't think it would be an issue.  I'd put a 6.xx gear ratio reel on the medium for reaction baits.  It's a good general use speed for shallow to mid-depth cranks, spinner baits, chatter baits, etc.

I don't classify any specific reel as a "frogging" reel. As long as it has a high speed gear ratio, it'll be just fine for frogs, among many other things. As far as moving baits, any casting reel in a 6.X:1 ratio will be just fine. It just depends on your budget. I would look towards a Shimano Curado 200i or Lews Tournament Pro. That's just my preference. A Shimano Citica or Lews Tournament MB are good options too, but remember, it's all based on what you prefer and are willing to spend.