I am pretty sure I have decided on getting a Powell crankbait rod. Now the problem I am having is the 702 CB glass which is 7'medium mod-fast or the 704CB which is a graphite 7'medium mod-fast . Lure weight rating are the same for each. I fish a lot of lipless cranks in weeds and shallow to medium cranks.

Since you are not doing any deep water cranking, you can go with either.

If you were going to be fishing deep water, a lot of DT20s or larger, then I would go with the glass rod.  

personally, i think your choice should be between the 703CB glass and the 704CB. the '2' power of the 702CB is pretty light for lipless cranks in weeds. how i'd make my choice is thus: if fishing with braided lines, i'd go with the glass rod...if with mono, i'd go for the graphite. i'm currently using the lamiglas skeet reese crankin' rod but my new 703CB glass rod should be arriving this week to complement it.

I fish a lot of lipless cranks in weeds and shallow to medium cranks.

Easy decision.  Both of those scenarios are better served with the graphite rod.  And that rod will also work well for deep cranking, whereas the glass rod would be a little better in deep cranking but not as good in the primary applications.