hey sharkgirl!! sounds like you got a good deal at lame mart. can't beat that. anyway, i would recommend a jigmaster reel also. but i would go with the 501 not the 500. i own both, and they are both awesome reels. just that the 501 casts better and farther because it has a narrower spool. the 501 is narrower than the 500, but it is the same reel. i have used this reel for trolling large strippers, baiting albacore, casting iron to barracuda, and baiting yellowtails.
i have it mounted on an uglystick tiger rod. this set-up has done well for everything i have used it for. i would recommend this set-up to anyone, not just someone who doesn't have a lot of money to spend on tackle. the best part of having a penn reel is that you can upgrade it by putting aftermarket parts on it. accurate makes a kit for most penn reels that makes the reel go from a solid 7 to a 10.