How much 20 does that Liveliner hold? I'd want at least 160 yards in most places, maybe 200 minimum in a breachway or another place with good current. I can tell you that the 560 Slammer holds about 275 yards of 40# Power Pro.
1L blanks have changed from time to time over the years. I had one of the first 120 1L blanks (and everytime I mention this, someone asks, so I'll beat it to the punch--YES, I'm sure it was a 1L and not a 1M because 1) Lami didn't make a 10' 1M at the time, and 2) I bought the blank right from Merrick Tackle when they were still in Merrick and I did read the label
). It was somewhere between today's 1L and the 1M in stiffness. It was a great eel rod for years until I got my hands on a Fisher. But I guess this doesn't help ya any, just rambling
Point is, I guess, that the 1M would be a better all-around choice
Rest of it sounds OK. Some guys will tell you to use a 6/0 hook, but I caught a lot of bass for a lot of years eelin' with the 5/0 bronze Mustad.