I don't like mono/nylon for cranking, I use flouro. I like flouro because I have better feel on my bait, stretch doesn't really factor for me.
The reasoning behind the 'specialized' setups for cranking (and treble hooks in general) is that you want to keep an even and steady pressure on the hooks so they can't come loose. Even when the fish runs, jumps, head-shakes, etc...IMO the key piece here is the rod. The rod is the shock absorber, and the key is that it works in both directions - It flexes toward the fish and also rebounds when pressure is backed off. It helps prevent both too much and too little pressure.
Drag only goes one way - out, so it does nothing to help when there is too little pressure on the hooks. Line stretch movement is actually very minimal, even with mono/nylon, at the pressures during a typical bass fight. Also, before either of these actually happen the rod will need to flex...So it all comes back to the rod. Just my opinion based on my personal logic/reasoning and a lot of time on the water .
But...Even after having said all that, I don't think any of it is as vitally important as many people do. For example I use Extra-Fast rods for all my jerkbait fishing and also a Heavy/Extra-Fast rod for squarebills, while using the traditional Moderate actions for 'regular' cranking. I don't think I would ever use braid but that's just me (If I were to use it, I wouldn't worry too much as long as I had a Mod. action rod).