Hi Mark,
You might be a little light on responses here because (1) Penn reels aren't really used over this side of the pond, and (2) you're asking about California where most of the people here haven't fished. That said, there are a few of us 'Merkins on the board.
The Penn 1.5 is a small-ish reel for salmon and steelhead. It is rated for 6-7-8 wt lines but is an overall 'odd' spec for thata size range. It is a little heavy so feels good on the bigger rods, but it doesn't have quite enough line capacity to fish as a big fish 8 wt reel. It will do an 8 wt line plus a bit over 100 yards of backing. It would be a good reel for longer rods (10') in the 7 wt range fishing pinks, kelts, summer run steelhead, and maybe coho (depending on the size of the runs and the rivers you're fishing). If that's what you're targeting, then a 9'6" - 10' 7 wt would be about the range to start looking in. Alternatively, if you want to use Micron backing (gel spun) you can get a bit more on the reel and fish it as an 8 wt (not a bad idea actually).
For specific rods, find a local fly shop and go cast some. There are supposedly quite a few good shops in that area, so go try and see what you like and what feels good. Personally I'd start casting a St Croix Legend Ultra, a Sage XP (or whatever the new ones are, XPS maybe?), and a Temple Fork TiCr. They are three different price ranges (medium, high, low respectively) and three different 'feels' of rod. They should all have a 9'6" 7 wt for a fair comparison.
Thanks
Rick
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