First of all; Power and Action are not interchangable. Power is how much weight it takes to load the rod. UL, Light, Medium, MH, Heavy, XHeavy etc. There is no consistancy at all amongst the different rod companies. You are better off looking at the lure weight range as a primary indicator, then power as secondary. Action is where the rod bends when loaded. Slow, Moderate, Fast etc are generally used.
Now that we have that out of the way. For crankbaits, I like a moderate action rod. Glass if fine for many, but I find them to be physically heavy. I prefer a graphite or graphite/glass hybrid. I like crank to be in the upper 1/3 of the weight range. I like longer rods because I fish cranks standing up (or leaning) with the rod tip near the water.
For jerkbaits, I divide them into three groups.
For soft jerks (ie flukes), I like a moderately fast action rod. I like the lure weight (along with hook) to be right near the top of the recommend lure weight range. For open water I like a long rod. For skipping under docks or low hanging trees branches, a shorter rod is much easier for me.
For stickbaits, I like a fast action rod. The tip must be soft and have a rapid transition. The soft tip helps with casting distance. I exclusively use braid for sticks. I could switch to moderately fast action for longer casting distance, but I think hooksets (especially long distance) suffers. The lure weight should be in the upper 1/3 of the weight range. I prefer a long rod.
For suspending jerks, I like an extra-fast action. Think pool cue. IMO it is necessary to get the right jerking action without tiring oneself out. I use a wrist snap/sweeping hookset. For this reason I like the lure weight to be at the bottom end (or slightly below) the recommended range. The stiff action and heavy power do make my casting distance suffer, however I think my hooksets are more solid and I am not wearing myself out from jerking. I prefer a medium length rod. Longer rod would give me more casting distance, but takes more effort to jerk. A short rod doesn't give me good hook sets that I like.
My 2 cents.
Your mileage may vary.