I'm looking for a reel to pair with a 2 power rod for throwing lighter contact baits like weightless plastics, wacky worms, shakey heads, and drop shots. How do you guys think this reel will handle the job? Any other reels you might suggest?

It will be outstanding for those techniques.  I've used mine on the BCR 802/852 GLX and the BCR 803/853 GLX for those techniques and have been very happy with its performance.  It's a GREAT reel!

Caught one on a core51/BCR803 combo 5" wacky my first weekend out. Nice little reel that will do everything you list well.

I have a Core 51 and it will throw those baits just fine.  I also have several Revo S's and a Diawa Zillion that also throw those baits just fine.  The morale of the story is any good baitcaster will work well for what you described as light baits.

No doubt other reels would work just fine,

but the Core 51 will be your favorite reel.

You will not be disappointed.

8-)

No doubt other reels would work just fine,

but the Core 51 will be your favorite reel.

You will not be disappointed.

Yup great reel for the techniques you listed.  8-)

8-)

I am essentially looking for a baitcasting setup to take the place of a spinning setup, as I much prefer casting gear over spinning.

I will always have a spinning setup with me. I think it presents the plastic better in a vertical fall than bc gear. With that said, I do think that the core51 would be one of the few reels that could throw light stuff the best.

Don't sell that spinning setup. I think you'll find a spot in your lineup for it. 

I love the Core50mg, it'll be great for finesse.  Don't forget, however, that the rod you put it on is just as important.  A M or ML rod is gonna chuck weightless stuff better than a MH.