WC,

I adjust the drag to eliminate over run and that is it. One thing that must be remembered that the fly line has significant drag a the fish tows it around. Steelhead will wear themselves down in most cases. If fought properly I believe that steelhead will tire faster with a fly due to the drag of the line. The downstream runner is the hardest to stop. I have yet to require "the train stopping drag" that many modern reels imply is required to land fish. Congrats on the hookup, make the heart race!