I was doing quite a bit of research for a $20 reel with backing and line, and I think the Martin Caddis Creek is a pretty good choice. I got it for $20 at WalMart and the best part is the neon orange fly line!
The only problem I have found with this reel is the small gap between the spool and casing, if you reel in your leader, it can get caught and you just have to take the spool off and put it back on, takes about three seconds.
Reviews read that people have lost fish due to fly line getting in this crack, but the 5# line doesn't fit, so I think they're making excuses...
It can be sorta loud, too. It's just a click drag, non adjustable, but I like to apply drag manually anyway. Good resistance for pulling off line when casting.
I would suggest this reel for your other rods.
http://www.walmart.com/ip/Martin-MLT63-Fly-Reel/16651715