If you've got good experience with casting reels, the older Penn reels are good deals and great value for the $$. If you haven't played with reels like them before, they are a different ball game compared to regular baitcasting reels. For most people, reels like the Abu Garcia 6000 series, or the 7000 series are much easier to master. You can get a brand new 7000i from Catfish Connection for $87 or so (I think that Steve at Catfish Safari has them for the same price). Great reel, and very popular with cat fishers around the country. I love the 7000 series reels. It would probably hold around 150yds of 50lb test. It's rated for 200 yds of 30lb test. I think that the connection still has a Garcia $15 rebate that you can use too.
You can really find some good deals on ebay. I lost an auction for TWO used (looked almost new though) 7000 reels. The winning bid was $45 (I'm still sick about it). I ws gone and couldn't check the auction before it closed.
So I vote for the Abu 7000 series reel. In the same class, the Penn 310 GTi is really nice too, but, like I said, it's not as easy to cast for someone not familiar with them.