If you own a 5wt rod and want to try Trout Spey without breaking the bank, I suggest a modular approach to your spend.
Begin by purchasing a 180 grain SA Skagit Lite head, a #6 S6 10 ft Rio Replacement tip and a 10 ft intermediate SA Sonar Leader.
The Replacement tip would be the one for most streamer fishing with standard New Zealand flies - such as rabbit streamers and woolly buggers - and the intermediate coated leader would work for soft hackles and fishing lightly weighted streamers near the surface or in skinny water.
If the Spey bug bites, and you want to cast larger heavier streamers, buy a 30 ft length of Rio T-8 then learn to make your own custom tips of 7.5-9 ft by welding loops on either end. The length of Level-T tip should not exceed the length of the rod. This is cost effective and also means you can fine tune tips to work for you.
If you find the need to go deeper still, or often fish in strong wind, then consider an intermediate Skagit head, paired with the #6 Rio Replacement Tips.
And finally, if fishing soft hackles and swinging dry flies becomes part of your game, then add a 150 grain or 180 grain SA Scandi Lite to your head/tip wallet. Or purchase an extra spool and an integrated Scandi Lite.
As for reels, an old full cage clicker reel should do fine for mono running lines, and any reel suitable for a 7wt line would be fine for integrated head systems.
If you are wanting to set up a 9 ft 6wt outfit, increase the recommended 5wt head weights by 30 grains, but go with the same sink tips.
Single hand Trout Spey : Getting started with a 9 ft 5wt rod
|+||Rods and Skagit heads|
|+||Sink tips for Skagit heads|
|+||Tippet for Skagit heads|
|+||Floating tips for Skagit heads|
|+||Cost effective approach|
|+||Learning to Spey cast
|+||A final word
Single Hand Skagit - Science behind the magic
|+||Where it all began|
|+||Casting heavy sink tips|