First I should say I am new to the game and most of the stuff I have is probably pretty cheap/old. I got a ton of stuff form the guy I got my boat from. The reels are nice but the rods don't seem to be the highest quality.

How much do the specs on a rod matter? Do you worry about what the rod says about lure and line size?

How does braided translate to the line test rating on the rod?

First, Welcome to the game!
The specs. for a avid fisherman mean everything for the applications it is used for.
You have to decide; Do I spend it now or later. If there is any chance you are not going to be out there every weekend, then I would say later, if tournaments are not involved.
The braid translates to damage on the eyes in most of the older rods. The newer quality rods can handle the braid. Most of the line test ratings are really considering the diamiter of the line and most braids fall within those specs. even smaller with the exception of the heavy braid of 65 lbs. and up.

A good worm rod is a must other than that cheap rods will work for spinnerbaits and shallow cranks . Make sure you use a med for treble hook baits and a med hev or hev for single hook baits

Oh and 65 lb braid is the same diameter ad 16lb mono I won't use less than 65

Good info, Thanks!