Not sure about wacky rigging, but with the correct line you can easily drop shot and shaky head fish with all of your set ups. I would use as light a flouro line that your rod and reel will allow (6 lbs-10lbs test) for drop shot and maybe a little heavier flouro for shaky head (8 lb - 12 lb test). As for wacky rigging, you can get away with it with your set up...it will be a little tricky to cast, but that's due to your reel, not the rod. The hook up will also be a challenge with a 5'6" rod, but not impossible.