I am sure you could get away with using a moderate action rod for a jerkbait but you really need the fast action to get that effective quick snap. The problem with a MH fast is the trebles on a jerkbait are small so you would really need to get your drag dialed in properly or risk losing fish which may happen anyway since the rod won't absorb the headshakes and jumps as well.
Depending on the MLF spinning rod, it may be your best choice for smaller rip baits. For jerkbaits I use MLF casting rods.