I am looking to get a rod that I mainly intended to use for crankbaits and jerkbaits.  What would be the action and specs I would be looking for?

Generally, 6 1/2' - 7' with Moderate Action.

For an "all-around" rod, I have a St. Croix Avid AC66MF with a soft tip. This rod is especially suited for working topwater and jerkbaits, but is also my primary rod for buzzbaits and spinnerbaits.

For shallow (Norman Fat Boy) and fast moving crankbaits (Rat-L-Trap) I have an Avid AC70MM. The 7' rod adds a little casting distance and the Moderate Action is ideal.

For deep divers (DD22) and big treble hook lures (Sammy 128) I have the Lamiglas SR705R. This stick was designed by Skeet Reese and is the perfect rod for "strong" applications. This is a glass rod, Heavy Power/ Moderate Action.

8-)

Thanks.  So if I am understanding correctly, then I need moderate action for most all cranking applications?

-and depending on the size/depth of my cranking plans, I would go for medium power for the lighter surface water baits, and heavy power for the deep divers or big baits?

Moderate is definitely prefered by most. You can get either M or MH power depending on what size baits you want to throw. I like a 6'6" rod but that can be a personal preference thing, too.