Ive got a medium action six an a half foot falcon rod and was going to use it for crankbaits but I think the tip is just a little bit to hard. Im thinking about putting a bass pro extreme reel with a 7:1 gear ration and 10lb triline flurocarbon. Does this sound like it will get the job done for jerk bait fishing?

If you like to jerk your baits, rather than slowly sweeping them, then it should work out very well.  I like a softer, more mod/fast rod for sweeping and deadsticking.  Fast I the way to go for jerking or ripping your baits.  Some people even like an x-fast rod for this presentation.

like gone_fishing said, should be pretty good for the fast erratic jerks