I know that most everyone has their own ideas about what is and what ain't a decent jerk bait set-up. I use a 6'3" Med/Light spinning rod and 14 lb Fireline and an short (foot and a half or so) fluorocarbon leader - 10 of 15 lbs. I like the spinning gear because it is easier to deal with in the wind and it is generally windy in the spring when I'm throwing jerk baits. I get decent distance, I would most likely get better distance if I went to a longer rod, but I got tired of smacking the tip into the side of the boat when I was jerking the bait down. The 6'3" rod is a compromise, and another one of the compromises is the hook set. I can't make powerful eye crossing hook sets with this rod, so I don't even try. When you use a light colored line, like Fireline Crystal, you most often see the strike before you feel it. You just tighten up asap and sweep set. If I have time to think about it, I try to sweep in the opposite direction from where the fish is going, but most of the time I don't. Most of the time I sweep sideways and up and to the left, cause I'm a lefty and that is the easiest, most logical maneuver for me. I don't feel like I miss a whole lot of fish, but the nature of the bait is such that you are going to get lightly hooked fish from time to time.
That's where the ML rod comes into play, I just keep it tight until I have an idea of the size of the fish. If it is a slot fish, just get it to the surface and skate it in. A keeper (15" + in Missouri) and I'll take my time. Most days, if there is a jerk bait bite going, a pattern happens where the fish bite mostly the same way. The days where they all crush it and you don't miss any are few and far between, but they do happen.