I too prefer a ML to a UL...a little more backbone, and a fast action tip will get you out further.
One significant difference between a 5foot and a 7.5foot rod is on hook sets. I assume you'll use this rod for pannies, which have softer mouths than most sport fish. A 7.5foot rod will pick up more line when you sweep the rod on a hook set, sometimes too much resulting in more missed hits. A 5footer combined with a swift hook set is just enough for pannies.
A thin diameter braided line, attach a corresponding floroucarbon leader, allows for greater sensitivity...sometimes the little guys like to nibble and you'll feel each one.
My panfish set up is a 6'6" Fenwick HMX ML (two-piece, great for travel/storage), 8 pound powerpro braided, same diameter flourocarbon, Shimano Sedona, drag set loose. I prefer to use live worms under a float but sometimes change up to microjigs and even half a senko on a small sized off-set shank hook rigged either wacky or texas/weightless. Floating jointed j-7 rapalas are deadly for perch and crappie...sometimes you can get them to bite in the eight!
reefrunner