A:
moderate-fast would be in between moderate and fast actions. MF would require less weight to bend the rod and flex more than F but be stiffer than M. This action varies between brands and composition material (even between the same material and how the blank is wrapped). The higher IM the graphite is, the more sensitive, stiffer, and lighter the rod will be but it will also be more brittle. MF rods will taper about 30% down from the tip. XF won't really taper much at all, just at the tip. The softer/slower (more taper) rods are good for cranks b/c it gives time for the fish to swallow your lure and provides a bit of a stretch so you don't set the hook too hard and tear through the lips. The harder/faster actions or rods give you more feel on what your lure is doing and of course more hooking power.
Your 7 M Bionic works for spinnerbaits but I recommend a 7 Medium Heavy Moderate Fast for SB, especially if you want to dive those suckers a bit deeper. You can use 6'6" - 7'. Longer the rod, the further casting distance you will get and more leverage on the fish when battling. Some say longer is more sensitive as well (particularly with micro rods since the line has more points of contacts with the guides) but i doubt it will be significant unless you're talking a foot or extra rod.
Use your Bionic for castbaits and get a 7 MH MF for spinner.