I would also vote for a decent drag - you may not use it for trout on the streams, but you will most definately use it for the yellows.

Having said that one doesn't need any drag for the streams, I am getting a reel with a smooth start up inertia. I am fishing with an old stealth 3wt reel that has been abused by some big carp (i forgot my shilton 1 day at coastal park - that was all it needed) and the click drag sounds worse than my car's screatching fanbelt, and has stuck a few times while cape stream trout were running off the reel - i lost a 16+inch one on saturday because of this. The point is, the drag sometimes needs to be at least half decent for the streams.

The first reel that came to mind after reading your question was the Shilton CK2. If you can do without the large arbour i would then go for the SHilton CL2 - I have 2 of these and they are amazing for the vaal, yet a tad heavy for a 3 weight outfit but since you are looking at a 4 they should be fine. Also have a look at the Nautilus Featherweight - i uhmmed and ahhed over getting this reel for a while - it looks great and the Nautilus drags are good - I eventually went for the Galvan Spoke cos it's lekker blingy, but i have no experience with Galvan drags except for what I have read so can't back it yet.