Nope, the depth of the crankbait is altered by the diameter of the line not by the weight of the line.
For ex: When we say 12 lbs test we are not mentioning the line diameter, 12 lbs is actually the tensile strength. Why we say 12 lb is because 12 lb test is in average 0.34 mm but line diameter for that test varies from brand to brand and from type to type of line from. 0.31 to 0.36 mm
Is there a standard test line used when the say a bait will run 5-7 feet?
The benchmark to determine the diving depth of the crankbait is 10 lbs test or 0.28 mm - 0.31mm , what you see in the label or the website is when using the 10 lb test benchmark, reason why it is not a determined number but a range ( 0-1, 1-3, 3-5, 5-7 and so on ) is because there are other variables, line diameter and length of the cast.
What I'm trying to get at here is this; if I fish a bait marked 5-7' on 15# line,
The theory says that you substract aprox 1 ft for every pound test you increase the diameter, if it says the bait runs 5-7 ft in theory the bait should be running at 0-2 ft because you increased the diameter by 5 lbs, depth that is very unlikely. But it will run a lot shallower ? oh yes it will.
How does one know what weight line gives the 5-7' depth?
In theory the line diameter giving you the deepest range ( 7 ft ) should be the thinest ( 0.28 mm ) and the shallowest range ( 5 ft ) the thickest ( 0.31 mm ) 10 lb test.