What would be the better choice for fishing fast rivers like the Queets and Hoh? A 7/8 weight for summer steelhead/fall coho or just an 8 weight for all around use including winter steelhead? And a spey rod would be out of my budget range, so i'm looking for a decent rod that doesn't take all my paychecks to pay for it.

Try calling NW Angler in Poulsbo and see if they still have the used St Criox spey rod for sale. One of their guides, a friend of mine, is selling his used spey for something like 125 but dont quote me on that. Its a really good rod and you might want to check it out.
Otherwise I would go for the 8 because if you want to use it for winter runs as well as summer runs, theer is always the possibility of a 20 pounder in the winter or a king in the summer/fall.

I've been fishing the Cabela's (OOOOHHHH! Yeah I'm trailer trash) Fish Eagle 2 11' 3'', 6wt. for the last couple of years. I purchased it after some fairly accomplished and well-known (and obviusly closet trailer trash fly guys) reccommended it to me for a rod that would roll cast a heavy indicator and wieghted fly set up effectively. It does that with ease but still has the length and backbone to reach out with traditional spey casts. It has a traditional (slower, softer) action that suits me fine. The nice thing is that it works just as well as a one hander for summer runs. Best thing...price is around 150 new.
Buy five and have spares when your buddies 1300-dollar Sage 13'11'' blows up. IMO the St. croix speys are clubs...but I'm a wuss and like lighter gear.

I'm a believer in 7 weight rods for most salmonids and steelhead. Most of the fish that you get won't be over 15 lbs and a 7 weight will get the job done quickly without over taxing the fish.

If you're planning on targeting alot of Chum, a 7 weight can be a little light, but if you run into a brute you can break your fly off.

As for brands of rods, I'm a believer in buying a good and spending more than most for it. I've had the misfortune of breaking a rod but then because it was lifetime gauranteed had the rod replaced.

My favorite 7 weight rod is the Loomis GLX. It is very light weight and has a fast action. Another nice rod for half the price is the Ibis series from Winston, they run somewhere in the $300.00 range.

Twig