Alan, the bending strenght of a quiver tip (1oz, 2oz) etc is a measure of how much it is deflected when a fish takes a bait and swims off with it. A 2oz tip will have less deflection (be less sensitive) than a lighter tip.
To measure the casting power of the rod you need to assess its test curve. Basically, a 1lb test curve means the rod is suitable for medium legering or heavy float fishing, using a line strength of about 5lb bs and an optimum casting weight ofaround 1oz. On the other hand, a 2.5lb curve is a fairly powerful rod for pike and carp fishing, using a line of around 10lb bs and a casting weight of around 2.5oz. You can still use slightly heavier/lighter lines and weights if you want.
A simple way of measuring the test curve is to fix a reel to the rod, thread the line through the rings, and tie a plastic bag on the end. Put something weighing a pound in the bag ( can of beans or luncheon meat etc).Hold the rod handle and lift the rod horizontally, till the bag is dangling from the rod tip. If the rod tip is pointing downwards at 90 degrees to the rod handle, the rod has reached its test curve of 1lb. If it isn't then put heavier weights in the bag and repeat until the rod tip points vertically down. Take care to add weights in small amounts to avoid overloading the line and rod.
If you are using method feeders, I think 5lb line is rather light and I woulduse a heavier reel line.