First, this is a great site and I am glad that I found it.

I plan on buying a new spinning rod this spring and am looking for thoughts on the following options. I welcome any additional suggestions.

I am looking for a two piece 7' med power fast action rod priced ~$100. Most often I will be fishing it with 5" Senko's or drop shots, but I will also fish small/medium Rapala's with it. It will be replacing a 7' rod that I already own so this is the length I want.

Of the following rods the St. Croix is so far my favorite because of the shorter handle. The other rods all have longer handles which I am not a huge fan of. The choices so far are:

Quantum Energy PT: Weird handle, but its in the price range and a Quantum.

BPS Extreme XPS: Handle is a little longer than I am looking for, but I like its all-cork design as well as the weight system.

Shimano Compre: Handle a little long but am I very happy with my Convergence bait caster.

St. Croix Premier: Most expensive on my list but I really like the shorter handle.

I also have a question about reel size. I fish 14# braided line which is about as thick as 4#-6# mono on a No. 40 size Quantum reel. Is there any reason not to drop down to a No. 30 or even a No. 20 reel? My thought is that smaller reel=lighter reel. Thanks

I don't know exactly what you are looking for in a reel but if you are already using a number 40 reel, when you go down in size you are not going to move the same amount of line.  the smaller spool with the same gear ratio will move less line.  it will also hold less of your line, not that it would be a problem just some things to think about.  

as far as a two piece rod goes i can't help.  i don't like two piece rods.  but some others to look at would be berkley series one, or quantum tour edition(old ones, some still out there)  but not sure if they are two piece.

I don't use two piece rods so I can't comment on the rods but yes I would down size the reels to a 2500 or in your case a 20 size.

2500 sized reel of your choice and the compre.

I have the 2-piece MH compre and it serves me very well. I think you will be satisfied with the 2-piece compre of your choice.