I'm looking to get a set-up I can use for squarebills, lipless cranks, jerk baits, and maybe other treble hook baits (like poppers or walking baits). Do you guys think this can work? What line do you recommend too?

sounds pretty good to me. Most will say 12lb Yozuri Hybrid, 12lb Big Game Trilene or Sunline FC Sniper or FC Crank. I'll add similar diameter braid to 12lb FC leader like Maxima.

Just my $0.02 but for an extra 15 bucks or so you can move up to the casitas which has the new centrifugal brakes AND magnetic brakes. Makes it easy to dial in the just right amount of brakes for bomb casts. The caenan lacks the mag brakes so it's adjustable but not AS adjustable. The daiwa fuego is a stellar reel for caenan money too. If it were my money i would try to find another few bucks to go to the casitas, if that's not an option the caenan isn't a bad choice. 

 

For my cranking set up I went to 10lb Yozuri Hybrid this season and I'm pretty happy with it. I ran 15lb last season, I thought it fished too heavy for anything but lipless and squarebills. 12lb might be a better fit, but i haven't broken off with 10 yet.