Looking at both these reels for light 1/8-1/4 tungsten T Rig plastics and 1/4 oz jigs on a 7' MH fast rod. I can get them both for about the same price on an auction site. Any recommendation for one over the other would be appreciated. It seems the Tournament Lite G Speed Spool is a very new model.

I would go with a tournament pro g because it has an aluminum frame.

 

Like WPC said, the ProG has the better aluminum frame, but the LiteG's carbon frame knocks off a few tenths of an ounce, if that matters to you. Probably the biggest difference is the braking system, and that's not even that different. It's just a 4-pin (LiteG) centrifugal vs a 6-pin (ProG) centrifugal. Lastly, the Lite is built on the Super Low Profile (SLP) base. It's marginally smaller that the already palmable ProG. So if weight isn't a big issue, or you got little hands, go with the ProG. 

I have a tournament pro G and it's AWESOME. I've had the previous two versions of the tournament pro, and the G is quite an improvement over what was already a fantastic reel. The clicker for the centrifugal brake is great, it looks like a magnetic brake but gives you lots of degrees of adjustment vs just a pin system. The newer/bigger handle is rad as well. I'm smitten with the Pro G, i'll be buying more this winter. 

for the price you can get it on many auction sites, I wouldnt ignore the BB1 Pro either.  A lot of similiarities to the G.  I have two of each and about the only thing that really gives an edge on the G to me is the hook holder.  You can nitpick specs to death, but in the real world, with a blindfold on, you would have a tough time telling the two apart.  

I think it's worth 0.5 oz to have an aluminum frame, which to my hand feels more "alive" and sturdy. Love my three Pro G's.

A couple of things not yet mentioned: the Lite G can be used in salt, the Pro G has a faster model (8.3:1), and the Pro G spool holds a bit more line.

I was looking at these exact two reels. I already have one Pro G, and I love it. My only issue is I use the lefty. Kind of a bummer that it's only available in the 6.8 gear ratio. My question to anyone else in this conversation is, are either of these reels burly enough to be on a frog rod? I have the BB1 pro, and could switch that one to the frog rod. Just curious on everyone's thoughts. Thanks

I have a BB1 as my frog reel. I wouldn't use it, but I've always used a Super Duty as my frog reel until recently.

But did they change the color of the ProG reel? Mine is gray, the ones at work are gray, the ones on TW are black...

I'm probably going to buy a Lite G soon, need a jerkbait/squarebill reel.