Go for it!
I have an older, no longer made, "multiplier", and I love it. Not a Valentine, but a good reel. Although it is a 6-wt., and I use it with a 6-weight rod, it handles browns and steelies very well!
Most people don't realize the advantages of a multiplier. I took 3 reels, all of approx. the same diameter, filled with backing and the same brand fly line. (Note: the large arbor had a wider spool.) A large arbor, my multiplier, and a standard reel. Went to a football field, and took out 100 yards of line/backing, and proceeded to measure number of turns (cranks) to get each 10 yards of line back for the total 100 yards.
Out to 60 yards, the multiplier was the clear winner.
At 60 yards, the large arbor caught up, and was better out to 100 yards.
The standard finished last.
One thing to note - for the first 30 yards (normal "fly line length"), there really wasn't that much difference between all three! Yeah, the multiplier was A LITTLE better than the large arbor, and the LA was a LITTLE better than the standard, but overall, you wouldn't notice the difference if you were really excited and playing a big steelie, cranking on the reel. That was probably due to the greater diameter of the fly line (and thus, the diameter of the "spool" (backing + line) filling the spool quickly.
I still love my multiplier, and use it often. Yeah, I still have LAs and standards, and use them on specialty rods, as well. But the multiplier is my special favorite.