Cod,

Even the least-cost approach to a Spey outfit (buy and blank and build it yourself and splice your own lines) is going to run well beyond small change. The primary advantage of a two-handed outfit is the ability to fish locations that have no backcast room. Whether the method is more efficient due to less time stripping and line handling depends mainly on whether one fishes with a double taper line or a Spey shooting head. In any event, it's less efficient than spin casting because a fly and sink tip take longer to "sink to the stones" than a short piece of pencil lead dragging monofilament nylon fishing line.

If you've yet to catch a steelhead on a fly, I think you'd be time and money ahead to get properly set up with a single handed outfit that may be able to use all or part of what you already have. A Spey rod won't make a steelhead any easier to catch. Hell the fish doesn't know what kind of fly rod you have. I caught hundreds on a fiberglass rod that cost me $15 in blank and components some years back.

So get your gear evaluated and supplement as needed. Beyond that you need good chest waders and the knowledge of where Mr. Steelhead lives and how to properly present your fly. Most folks don't believe it, but it really is that simple.

Sincerely,

Salmo g.