I never usually catch bass deeper than 20 or 25ft. I wouldn't worry about getting a crank that dives further than 25ft. A lot of times what dictates how deep a bass will live is something called a thermocline. It's hard to know what the thermocline is at if you don't have sonar in the boat. Google thermocline to get a better understanding of how that works and affects fish.
For colors, I always go natural as I can. If the main forage of your lake is shad, go with a shad color. If it's bluegill, go bluegill. I love strike kings sexy shad color. Or a solid baby bass color. Bluegill always produces for me too, same with perch. Chartreuse is a good color as well, but not always a producer for me in a clear lake. I like it in more stained water. I don't ever change my colors depending on the depth. I almost always use the same color shallow or deep. I try to imitate the forage of the lake.
The lunkerhunt Kraken may not be heavy enough. I understand money is tight, but if you can swing $5 go to Dicks and get a Strike King Banshee spinner. They're only $5 and come with a trailer hook already on it. I'd get it in 1/2 oz. I slow roll these up to 25ft all the time. Just gotta let it sink and reel slower than you think you should.
Overworked means it'll bend too much, won't have any backbone to set the hook and the fish may control you more than you control the fish. It's important to have some backbone when fishing deep. Lot of resistance down there. I highly doubt it'd break the rod, it'll just make it hell on you for reeling and trying to set the hook.
Good job on getting the skeet reese rod! I like mine, it's a work horse. It can be used for much more than cranks too. I use mine for carolina rigs, and jerkbaits.
Which reminds me, if you want to drag something from real deep, like 30ft all the way up the drop off. Get a 1oz football jig. Throw a craw trailer bait on it and slowly use the rod to drag it up the drop off. Only use the reel to take up the slack. You want to really feel what the bait is doing and hitting. Same technique for carolina rig.
Man, I am throwing a lot of information at you. Don't let it overwhelm you. It's all just spaghetti talk. You've got your whole life to learn these techniques. I really like to take one technique at a time and try to get confident in it. This fall is gonna be a great time to get comfortable with cranks and spinner baits. You'll be addicted to them soon enough. Spinnerbait bites can be absolutely brutal and almost yank the rod out of your hand!
I'm the type of guy that'd sacrifice catching more fish, for catching topwater fish. I'd take that whopper plopper and run it parallel to the shore, along boat docks, any type of structure in 1ft-10ft of water. It'd be the first thing I throw when I get out there early. If I didn't get a single blow up by about 6-7am I'd switch to spinner bait and start working the 5-10ft range. Look for weed lines, downed trees, deep lilly pads etc. Vary the retrieve. Burn a few back to the boat, slow roll some, stop and go. Let the fish dictate what they want.
If I didn't get hit on the spinner, I'd throw on something finesse like the stickbait. I'd probably carolina rig it and toss out in 15-25ft and work it fairly quicker, slowing down as I go if I don't get any bites.
Drop offs and points are only good if they hold fish. A lot of the lakes I fish have so many points and drop offs that'd I'd waste a lot of time if I tried to fish em all. It'd really help if I knew what the contour of the lake you are fishing was like. You could PM the lake and I can try to get a look at it and let ya know where exactly I'd start. Or just post a topographic map picture of it if there is one.