Now that i got a little wonder reel and mounted it to mt loomis imx cr721 light baitcaster what are its limitations?I plan to use it for rebel teeny r's,bagleys honey b's,megabass griffons and anything in that light size to use,mine got spooled with 10 lb test stren magnathin,same diameter as regular 8lb stren.

I've got mine on a bcr852 Loomis.  The only limitations of your setup will be the line you spool and the rod you place it on.  I've used my pixy for pitchin' spooled with 17lb fluoro and it worked great.  

I 've got two rods for my two Pixies in use ( got another one just sitting there doing nuthin '): GLoomis CR721 and CR722, one is spooled with 8 lb Trilene XT, the other one is spoled with 10 lb Trilene Big Game. Both are used pretty much for the same as yours.

BTW, I strongly suggest you change your line if you are going to fish rough environments, Magnathin has near ZERO abrassion resistance.

I have 2 pixiers as well, but honestly once you'veconverted a Pixy to Pixzilla, you never can go back.  My yellow Pixzilla is mounted on a JDM Steez Blitz.  Lovce this combo for small crankbaits.  The other Pixzilla is in my H2 in the center console.

Got my Pixilla mounted on a 2008 Kistler LTA 7' M for small shallow cranks with 6 lb. Trilene Pro Grade 100% Fluorocarbon right now. It is also good to use for dropshotting as well.