I'm trying to decide whether to buy an Islander float reel or a low profile baitcaster for steelheading on both smaller creeks and rivers. Would a baitcaster with the magnetic braking and drag turned off, be able to drift as well as a float reel?

Doc, I guess it's how educated your thumb is when you turn off all the anti-backlash stuff. Reels like the Curado can toss light lures well on small rivers as well as large with the magnets engaged. Just use a swing cast rather than a snap cast.

Doc, I'd still say go with the islander. I have a freind who fishes a baitcaster when he steelhead fishes with me, upon his last visit he was commenting on how I was able to get more fish with the center pin for one big reason. I can use a small float and cast it very far and still get a killer drift. Whereas he has to use a much bigger float and a lot more weight to accomplish the same thing. Some times on the tribs you are fishing we are using as small as 2gram floats sometimes I can't even imagine casting a float that small with any distance, however I know there is probably someone out there who will prove me wrong but thats good. However rivers like the saugeen, maitland, Niagara, etc... would be fine with a bait caster. They are big rivers and the use of a big float is necessary.

Take a look at John Milliner's King fisher,I own
both and the Islander sits in a drawer

i have had an islander for years and just purchased a kingfisher. The kingfisher is a by far a better reel for the same amount of money.

where can I get a Milliner kingfisher reel at the best price?

check berrys bait and tackle in vancouver b.c
or freds bait and tackle. I dont know of any board sponsors that carry them.

I have owned both the islander and the kingfisher and my preference was for the islander. I found the islander to have a better start up and easier to cast, it really depends on the type of water that you are going to fish most. There are alot of great float reels out there, everyone has their favorites. I would try to test them out if you get the chance. Where do you live? Another reel to consider is the Mykiss, this reel is due to come out in February and is basically the improved Hanson reel (my personal favorite). If you have the opportunity to handle some reels before you buy them I would strongly recomend doing so. There is no right or wrong reel just the one you find most comfortable for what you can afford.
Back to the Milner reels, he does make a beautiful reel called the Talisman, if you have the extra cake that might be one to check out as well.

I'm from Toronto but I travel to BC and Mexico regularly. This would be my first float reel. However, I'm very adept at using round baitcasters, the DAiwa Millionaire CVZ253, being my favorite.