The new sage 5120-4 12 foot 5 weight should be a great dry fly spey rod for trout and small steelhead and salmon. Small I guess is under 6 pounds to me. That rod should be able to handle those size fish. I cast it both ways at the Michigan Clave last week, and it was sweet.
It will be in my arsenal some day soon.
Let me know when another one comes up on ebay or the ultra light spey black market or something like that. You know what I mean.