IMO most modern large arbor reels are too light to balance vintage glass rods which run towards the heavy side of the scale. They are designed for use on modern ltwt graphite rods.

Then there are the 'look' and nostalgia factors. Vintage reels just go with the old rods.

Heddonist

Have five older Medalist 1494s loaded with 4 and 5 wt. lines that I use with eight Fenwicks primarily for stream trout fishing. Also have three Ross CLA 2s that will use with the Fenwicks. The Ross drag is smoother but in actual fishing not much difference, keep the drag set light and play trout accordingly.

I enjoy some classic Pfluegers and Martins but I normally fish with a Teton or Orvis Battenkilll Barstock reel. I like the finer sound of the modern clickers on those reels...especially the Barstock. But my modern reels are not large arbors.

If I am really feeling retro, I fish an old Fenwick Grizzly 315 rod, with a Martin MG-3 reel, using an old nylon line.

For the fish I catch the reel is not very important. It holds the line. There are some very nice, super smooth Chinese reels out there these days at good prices. I use some of them, but by far, most of my lines are on Pflueger Medalists I picked up cheap. They always work, and just look right on the old rods.

one stated vintage reels are posing, and a larger arbor can make the difference in landing a fish or not.
hokej na koniu

Since I frequently hike some distance to fish small streams, I wish I could find a “line holder” that was very light.

A plastic, one sided, line holder with no winding mechanism would be fine. I’d use maybe a half a DT line with no backing and manually adjust turns for the distance I wanted. It would be adequate for most small streams and would be light enough to carry on long, or through hikes.

I tried tenkara as a minimalist solution but missed the ability to lengthen or shorten the casting line. Think about a wide-enough plastic line spool with a reel foot allowing it to be mounted on a rod yet wide enough to wind line on and off by hand. Max line needed would be 30’ and a reasonably large 4-5” spool would compensate for the inherent line twist of the setup.

I have seen something similar concept but it was executed poorly and used a specially modified rod for too much money.

paveglass,
Haven't you been able to find a Ryobi MG255 or JAF magnesium reel. I really liked the MG255 that Aurelio fishes
I know you've put a lot more thought into this than I have, but I have some thoughts.

If you want lighter, you could go with something like what the Tenkara guys use (the fuji ez keeper) but a bit longer so it can hold some fly line. You can wind on and off by hand but it would only serve as a line holder.

I also think you might be better off with a modern reel like the Reddington Zero. Modern materials and machining can get things light. While plastic is rather heavy. There are also some graphite ice fishing reels that might work, but it's hard to find a weight on them since they are not designed to be light weight, Whatever you choose you want it to survive well on a hike so it has to be durable.

2.8 oz is easily available at the fly shop, so how low weight are you trying to go? If you're fishing a vintage glass rod with a metal reel seat, you've got quite a bit of weight tied up in the rod, so there is a point of diminishing returns.

Just my rambling thoughts.

Carl

I use both.

When I’m fishing water that requires short casts (most of my trout fishing) and there’s not a whole lot of room for fish to run, I use old school click and pawl reels.

On bigger water where I’m going to make longer casts I prefer a larger diameter arbor so line memory doesn’t interfere as much with line management. The difference in retrieval definitely comes into play in with bigger, faster critters in salt waters. But I rarely use glass there anyway.

Most of my fishing is with a 1494 Medalist with Onepfoot parts added.Otherwise I use my new Battenkill 1 for my 3 WT.I really don't like large arbour reels which seem to be what most stores are selling nowadays.

all of my reels are click/pawl or medalist style.
a few are “modern” (manufactured post-2000),
but they are “traditional” as well:
JA Forbes Avon, Sandstone
Tiemco Oracle
Valentine Single Action

oh, I own one reel that is more “modern”:
Cortland (Right Angle) AR-8 anti-reverse

I only own one large arbor reel, a 9wt that I got from River Traditions to match a 9wt graphite rod he was closing out. And I only bought that because I didn't have a 9wt and picked this one up cheap (for the record it's a pretty nice outfit). Can't see putting one of those big ol' things on a nice vintage rod, glass or grass. Just doesn't fit IMHO.

Pretty much only vintage reels (Tuna Cans of many varieties, Medalists and others) but I do have a modern Forbes Magnesium that gets into the rotation every now and then.