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I think you are just fine to use a single speed for 20#. Also, consider an SX instead of a MXJ for 20#. I consider the MXJ to be more of a 25# reel. Load an SX with 300yds of spectra and a 100yd top shot of mono, and you will have plenty of capacity. No need for the extra size and weight that comes with a MXJ for 20# in my opinion. The SX is nice and light and will handle drag pressures enough to fish even heavier than 20#. As a matter of fact, there are some people here that do just that. If you feel comfortable with your casting and knot tying ability, you load the SX to the rim with spectra and you can fish anything from 20-40lb short topshots.
Your perfect on your selection for your 40# rig. Defiantly go with 2 speed JX.
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