Does 1 setup work for all?

Context.
I live in SoCal where there are descent lakes and I-mainly fish for carp, catfish, trouts, bluegills and bass.

Instead of owning multiple rods for different fish would it be ok if I just changed how I setup the lures and baits. ? For instance if I’m done with bass fishing, I can just take off my lure and add a sinker and hook and maybe do a Carolina rig to catch a catfish? I’d like to own more setups one day but for now I only have one Kast king bait caster. And I was just hoping maybe I can use it for other fish besides bass.

My rod says it can hold 10-20lbs
Lure weight of 3/8 oz to 3 oz
And it’s a medium heavy fast action.