I'd say you are on the right track.
A 5 wt rod 8 1/2 ft would be a good all around choice for small mtn streams. The St. Croix Premier would be my recommendation. I've been fishing mostly with St. Croix rods since I started fly fishing. Even the lower end ones have served me well. Since you are planning on mountain streams and will be hiking allot, I would strongly recommend a 4 pc rod vs a 2 pc. rod. You can break them down and hike with them on the outside of your backpack quite nicely.
A plfueger will serve you well for your purpose. I have quite a few of them as back up reels with back up lines on them. Usually when a line needs replacing but is still servicable, I'll get another medalist and throw the old line on it. Comes in handy when a friend or two wants to try out fly fishing one weekend or just to have spares around on remote trips.
A good line is probably the most important thing you will buy,in my opinion. Worth the $ to get cortland or similar quality line. Also, it's worth getting good tippet material. I use climax or umpqua. Climax has great color.
Last edited by griz; 11-10-2005 at 01:42 AM.