See if I can help ya with out rambling to much lol
For bass,bluegill and other warm water species, prestintation isnt as ctrical as with trout, if you fly lands kinda hard ro if the leader dsonet turn over all the way and you have to strating it out with a little pull of the line, usally not a big deal. I AM NOT saying you want your line to pill up or practice or get into bad casting habits. UNLESS you are after the carp, then you have to make a damn good presintation.
Usally 4 lb is as light as I go warmwater and usally 6lb is what I use for smaller bass and bluegill. With your 5WT you'll have a little more bend to the rod to help protect the lighter line, then you have with a 7wt.
I would get a good all-round line like a Rio Grand in a WF-F. If you put a diffrent line on it, but the one you have is fine.
The Dogwood isnt top of the line no, BUT it is still a great little rod, I have one in a 6wt I carry in my truck at all times for a surprise fishing trip if on pops up.
Spongs spiders, large dries, small poppers, a few nymphs like gold ribed haers ears, wollubuggers, and a few small bucktail streamers and you can ctach anything that swims in that lake.
Aint them smallies fun on a flyrod
Good luck and have fun