Evolution LT – Ross fly reel
If you are looking for a VERY light large arbor fly reel, you should try the Evolution LT by Ross fly reels. Although they have an anodized finish meaning they could be used for saltwater, I believe these reels have been designed with freshwater fishing in mind - as you can see that there are 6 Evolution LT reel sizes covering from a #2 to a #7 fly line.
According to Ross, "This series is designed for those anglers who appreciate both art and function. The cosmetic innovation and precision workmanship of the Evolution LT series is only surpassed by its drag system which is precise and sensitive - capable of protecting the lightest tippets even when battling world-class fish."
Usual retail prices range from $255 (#0 reel - 2wt) to $325 (#4 reel - 7wt).
 Ross Evolution LT 4 Fly Reel Black NEWFREE FLY LINE  US $340.00
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 Ross Evolution LT 2 Fly Reel Black NEWFREE FLY LINE US $299.00
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 Ross Evolution LT Fly Reel 3 Brand New Black US $294.80
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 Ross Evolution LT 15 Fly Reel New Black US $285.00
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 NEW ROSS EVOLUTION LT 4 7 9WT FLY REEL BLACK US $325.00
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 NEW ROSS EVOLUTION LT 0 1 3WT FLY REEL BLACK US $255.00
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 NEW ROSS EVOLUTION 0 SPARE SPOOL 1 3WT COPPER US $95.00
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 Ross Evolution LT 4 7 9 wt Reel Spare Spool Copper US $200.00
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Regarding the drag, it is a "triple redundancy drag system" that should land trophy steelhead fast and smoothly.
It comes in 4 colors: black, copper, grey mist and green.
Like all Ross fly reels, the Evolution LT is covered by a Lifetime warranty (not that I think you need one... but you never know what can happen when you are NOT on the river 
For more info on matching reel size to your needs, visit www.rossflyreels.com website.
