abu garcia makes a pretty nice ultra lite. pretty sure they are all 1 peice tho. I was going to go with the 5'6" one but went to the 6'6" medium ultra light. pretty sensitve can feel a lot. but im pretty dang sure the 5'6" one would feel so goooood! got the 6'6" one for $29.99 at walmart. they got em at bi-mart for the same price. the 6'6" one is rated for (4-10lb test) so im sure the 5'6" would if not be pretty close to meeting ur specifications.
I love my Field and Stream Ravenna 10, better for 4-6lb though, holds 170yds of 6lb on a tiny reel, love the smooth drag and the increments, my favorite Trout reel or lightweight (oh, I'm gonna say it) Carp fishing reel.
Mitchel Avocet 500UL I love the tiny drag switch, very small increments as well.
Abu Garcia (Company sucks for service) Cardinal 100U
Thanks guys. I'm actually making a backpacking spinning rod out of a 7 piece 9' 5wt fly rod...going to be interesting. I think I actually have a cardinal reel but I'm not sure on the size of it. The Pflueger looks nice, I'll have to compare weights with some of the other reels listed.