Small baitrunner reel ?

Im just about to purchase a Shimano stc travel rod for fishing from my canoe, its the BX stc 240 telespin as it pasks down nice and small for carrying on my open canoe. Im after recommends for a small decent quality baitrunning reel for it.
I understand that as its a smaller rod only certain sized reels will fit on it, but dont really know how the size sytem works.on it.
Shimano website say a 500 or 1000 sized reel would fit, but what does 500 or 1000 mean ?
Because its a smaller rod im getting is it the physical size of the reel as a whole that matters or the size of the spool that fits on it.
Im gonna be fishing from my canoe on large lakes and using simple spinning lures. The reason i want a bait runner is that i wont always have the rod in hand as i tend to cast, secure the rod and then paddle.
can someone take pity on a newbie ? Do i even need a baitrunner or am i better getting a carp travel rod.
( i was mad on fishing about 25 years ago but seem to have forgotten everything )

Cheers

Paul

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