Personally, I don't love the 705 for casting below 3/8. I do like it at 1/2-3/4. It depends on the reel some as well. Once the lures are in the water though, I don't think the rod is too much for working any of the jerkbaits I've used (with the smallest being 78 size luckycraft). It's not my first choice. I prefer spinning gear for the smaller jerks. I can't comment on the 704, never used it. I also really like the 705 for square bills to medium divers and top waters in the same weight range. I use it mostly for square bills.
Somehow I left out lipless crank. I throw lipless cranks on here second to square bills.