>>2830940
Go for the two set up option. Ultralights are great anyway, I fish mine more than any other rod I own. Just be prepared to lose quite a few lures and try not to break the rod overpowering it.
Keep your medium for throwing bigger lures and an ultralight for smaller baits.

>>2830946
With the caveat that you're careful and in for a long fight. It can be done but sure isn't optimal. I pulled in a fully grown softshell and that thing weighed every bit of 30lb minimum on my ultralight. Took half an hour to bring it onto land and went I went to reach for the hook it broke off. 4lb test is a blessing and a curse sometimes.