It depends on whether you be using it from Land or boat fishing. If youve never used a baitcaster reel before and  intend using it for land based fishing, you might find it an interesting learning curve. I prefer overhead from the beach if bait fishing...  but I use spinning reels if casting lures. If boat fishing it wont matter so much as you really dont need to cast and can simply free spool the line down.

So back to original question....No, you probably didnt make the right choice. Maybe next time befreind a tackle shop for advice first.. as they can demonstrate and advice so you understand what you are buying. Ugly sticks are a good rod, a little outdated as they are a bit heavier than some of the stuff available today ...but they are very tough and almost unbreakable. So it maybe ok ...I dont know the reel but Im sure someone. It also depends if its in good condition or not and how much you paid.

I have also git myself a new ugly stick rod and a shakespeare bait caster, intended for squiding from my boat.  casting is a very different feeling and having only used it once, I still have a long way to go to get perfect it.  But I think I'll be very happy with it in the long run, so good luck!