If the initial goal is just to catch some trout concentrate on the wet flies / nymphs. The top water bite is similar to bass in that it comes and goes with the bait / hatch. First thing to upgrade will probably be your line, don't cheap out on that when the time comes. I can't see an expensive fly reel either. All it does is hold the line.

have you fished it?

Yes, I have fished Cahill. 

 

 In freshwater you will rarely of ever use the reel.

Reels are a beautiful thing though and keep an eye on www.sierratradingpost.com for reels as they have great deals on there from time to time

When fishing Pike, salmon and stripers or Anytime the fish has the power to bust my tippet, I rely on the drag. 

If the initial goal is just to catch some trout concentrate on the wet flies / nymphs. The top water bite is similar to bass in that it comes and goes with the bait / hatch. First thing to upgrade will probably be your line, don't cheap out on that when the time comes. I can't see an expensive fly reel either. All it does is hold the line.

I'm going to be mostly going for panfish, maybe small bass.