You'll be thrilled at catching steelies on a flyrod. You prolly won't catch as many with gear, but it is a different challenge and accomplishment. Either way though, catching steelies is a rush.

Go with a metal reel over the graphite. I have know some people who were quite disappointed with Okuma graphite reels.

I have known some low budget anglers who praise the Bass Pro White River series of reels, and prefer them over the Okuma. The BP WR reels are not Orvis or Ross, but they are regarded as "good for the money."

Buying Orvis Battenkill and Battenkill Large Arbors used from classifieds, off ebay, etc. is not a bad option to consider. They have disc drags, which will be preferable for steelies. Battenkills are big sellers because of drag for the money. You may want to match them up with a TFO rod, they receive good marks. I will prolly buy a TFO 7 weight to complement what I have.

Orvis has a traveling clearance sale, and I have picked up some bargain reels marked as "Demo" there.

I've seen some of the bigger, discontinued Ross reels like the Gunnison 4 sell for $100-125 dollars. It is not large arbor, and the standard arbor reels have somewhat fallen out of favor, particularly for heavier applications. But those reels have fine drags and will get the job done. I have one, and have no complaints. I also have large arbor Canyons.