Sky-Guy,

I can't help you with the Peetz. If you're thinking about new mooching reels you should also check out Islander Reels.

http://www.islander.com/salmon_moocher.htm

I have two of these and they are awesome. The drag is smooth, but I don't think that the drag is so important with a mooching / center pin reel. It's about the fisherman applying the pressure and a good long rod. I matched my reels with GLoomis SAR1265C and a "BC" handle. The BC (British Columbia) handle places the mooching reel much lower on the rod.

The reels are a bit spendy, but you'll instantly see the quality - and appreciate them for a long time. Whatever you get, you'll sure have more fun than a conventional reel.