I'm eyeing the Shimano Intenza 7' spinning rods. Their ML Xfast rod is rated 1/8-1/2oz, 6-12lb line which seems slightly heavier than other ML rods I was looking at (Like the Daiwa Rebellion). 

 

I plan to use for multi purpose. Drop shot, and tubes (maybe 5"senkos if I can get away with it) for bass. And grub/paddle tail jigs for walleye. 

 

I was wondering if this med/light would be ok for this based on its weight/line rating. Other brands and models it seems I'd have to go up to a medium power. 

 

Some do have 'heavier' ML rods. My Avocet rod (shore fishing) is labeled ML - but also 6#-12# line, 1/8-5/8 lure. My old Diawa 1312 - again ML - that I keep as a backup rod 6#-12# and 1/4-1/2 lure.

 

So the stats can be different for rods that have the same labeled power.

 

You should be fine with the techniques you stated - I've caught Walleye and even Pike with the 1312 on light jigs, small spoons and inline spinners.

I'm not sure about the action of the spinning rods but the Intenza casting rods seem to fish a little heavier than their ratings.

I have the 7'1mh and 7'2mh. To me both are slightly heavier fishing than my other shimano rods of the same rating.