new2BC4bass

Can I assume casting? Lure weights?
 
EDIT:  Rods: Daiwa Aird Coastal Inshore, Falcon HD, Falcon BuCoo, Fenwick HMG, Lew's TP1X
 
Reels:  Daiwa Fuego, Lew's Speed Spool LFS, Okuma Cerros, Quantum Energy, Shimano SLX or Caius

Try this.
 
http://www.bassresource.com/bass-fishing-forums/topic/144825-will-you-try-a-cherrywood-hd/

Fished with one rod for a good many years catching fish from a few ounces to a few pounds....from sunnies to catfish to pickerel to bass, etc.  Definitely stick with a spinning rod for 2 reasons.  1) 1/8 oz. lure and 2) fishing from shore.  Baitcasters require more room to cast...unless you want to flip or pitch short distances.   Casting 1/8 oz. on a baitcast reel is going to require special gear that won't work very well for a lot of other techniques because the rod will be a little too under-powered.  The spinning rod will let you fish in tighter areas, and with the right rod it will handle from at least 1/8-5/8 oz..

Transition time will depend on reel purchased, time spent on water, and time spent practicing in your yard or a park.  I don't get to fish often.  Didn't spend much time practicing.  Thus it took me longer than a lot of others.  Some feel they are doing pretty good after a couple days, others a month.  Manual dexterity helps.  Having to retrain muscle memory from years of using spinning reels hurts.
 
A better reel will help your casting.  Not many new reels in that range that would be considered 'good'.  The PQ is one of them....$100 regular price, $80 when on sale.  I pretty much always suggest a centrifugal brake reel for a beginner.  However, a good magnetic brake reel isn't all that much harder to learn on.
 
The Abu Black Max and Silver Max reviews overall have been good.  The Tackle Trap recently had a deal on the Daiwa Lexa 100 that would also be a very good reel to start on.....or use on a regular basis. 
 
Otherwise I would be watching the classifieds a minimum of once every day.  Look for used Citicas, Curados, and PQs.  Might even find a Lews.  Look for a Lews with dual brakes rather than just a magnetic brake.
 
Up your limit to $150 and the list of good reels will grow. 
 

A favorite lure of mine is the spinnerbait.  They will come thru some cover without hanging up like most crankbaits.  A 3/8 or 1/2 oz. would work fine on a Medium or Medium Heavy rod.  Yours should be one or the other.

I believe the Medium is rated for 1/4-3/4 oz. so I would venture to guess that you are pushing the rod's limits with 2 oz. swimbaits.  Most MH rods top out around 1-1/4 although I have an older MH Cabela's XMLTi rod that is rated to 2-1/4 oz.  The new model is only rated to 1-1/4 oz.  I'd have to agree with you that a Heavy would be the better option if you are going to throw 2 oz. lures with it.
 
With throwing lures that heavy, I would try to find a reel with an aluminum frame even if that requires buying used.  Older Shimano Curados would be a good choice.