If using braid, should I use a lighter rod? M instead of a MH to compensate for lack of line stretch when hook setting? I fish jigs, topwaters, and light plastics with my 1 rod.

No necessarily, a lighter set drag works as well (maybe better). A lesser aggressive hook set is the best option.

I would say not so much a lighter powered rod, but softer rod tip action.

Plus back the drags off on the reel, and feather the spool for more drag pressure when needed...

Good Luck & Tight Lines!!!!