I am starting to fish deeper and want to try power drop shotting. Was wondering what size weight and LBS Test you prefer for this technique for say 20-40 ft depth range.

I use the same setup as my regular drop shot. I use a Team Lews Pro spin with a GLoomis GLX 853s. I already have 20lb braid on it. I will use a flourocarbon leader is needed. And always start out with a 1/8th oz weight. Up to a 3/16-1/4 if it's deep and/or windy. Change the size to a little larger hook for bigger baits is about all I ever need to do. The 20lb braid is plenty big for just about any bass and it's small enough diameter( close to 6lb mono equivalent) to still be really sensative and allow the bait to generate as much natural action as possible.