i bought a brand new revo winch (5.4:1) thinking it was what i needed for a shallow/medium crankbait and lipless crankbait set up. well now i realize that the slower ratio is generally only used for deep crankbaits. am i correct?

I wouldn't say that you messed up. The Revo Winch is a very nice reel and will serve you well. Yes, slower ratio reels are often associated with deep cranking, but that doesn't mean they won't work for shallow cranking as well. You may have to adjust how fast you turn the handle if you're wanting to burn lipless crankbaits, but that's too easy. Good luck and enjoy that new reel!

So if i put this on a say powell 704CB (7' M Moderate fast). I could use it for shallow/medium crankbaits and lipless crankbaits. Just reel a little quicker. Then when i do eventually get a deep crankbait setup just put this reel on it and get a 6.X:X to go on this setup?

I have two crankbait rods. One is equiped with a Revo Winch and is primarily used for deep cranking. The other is outfitted with a Revo S and I mainly use it for shallow and lipless crankbaits. But if I know that I'm going to fish shallow, I will not hesitate to tie a shallow crank on one rod and a lipless on the other. If my plan is to fish deep, I will tie a deep crankbait on both. What I'm trying to say is, don't get too hung up on gear ratio. You bought yourself a good reel. That combo you mentioned will work just fine for either application.

So if i put this on a say powell 704CB (7' M Moderate fast). I could use it for shallow/medium crankbaits and lipless crankbaits. Just reel a little quicker. Then when i do eventually get a deep crankbait setup just put this reel on it and get a 6.X:X to go on this setup?

The last guy is right on target.  But what you say here will work just fine too. 

No experience with the Winch, but it is reported to be a dog with lighter baits.

No experience with the Winch, but it is reported to be a dog with lighter baits.

good for baits 1/2 oz. and up , if you pratice alot , maybe 3/8 oz. , maybe ...

No experience with the Winch, but it is reported to be a dog with lighter baits.

good for baits 1/2 oz. and up , if you pratice alot , maybe 3/8 oz. , maybe ...

That is to be expected with that huge, heavy spool.

No experience with the Winch, but it is reported to be a dog with lighter baits.

good for baits 1/2 oz. and up , if you pratice alot , maybe 3/8 oz. , maybe ...

I keep hearing the same thing, but I haven't had any problem throwing lighter crankbaits on mine. Just yesterday I was throwing a 5/16 oz Shad Rap SR7 with ease. Of course I'm not getting the same distance as I would with a DD22, but it still got the job done.

The big question here is......ARE YOU HAPPY WITH THE REEL?  If so, forget what everyone else says.  If the reel can provide the service that you are looking for, then thats all that matters.  You can either speed up the retrieve with a slower gear ration or you can slow down the retrieve speed with a higher gear ratio reel.  Get out on the water, get your lure/line wet and catch some fish

And have a couple of your favorite beverages