The 7000 will go fine with the 1208. I've used a 6500CL and a Penn 525 Mag on it as well. For 20# or thicker mono, you're better off with the 7000.
Mike W is right---the price difference between the GSB and XRA blanks for similar applications isn't that much. $10-$15 on the 120 1L vs 1204, about $15 on the 120 1M and the 1205. The XRAs are a higher modilus graphite, however, and are less forgiving. They don't take knocking around on rocks as well, either.
I remember Nick Meyer, from the old WMI days, saying that the Breakaway blanks have one layer of S-glass cloth in the mix to add a little durability. The 1208 doesn't have an ultra-fast taper like some of the other models in their line.
Of course, you could always go "retro" and pick up a Harrington/Harnell 542 blank for $90.
Then, you'll have one that bends almost to the reel but can still lift a cement block. As well as a hernia
Threaded Mode