First Fly Rod, Reel and line Questions??

Hello,

I recently purchased my first fly rod, a 5wt 4 piece. Now I need to
find a reasonably priced reel to go with it. Most of my fishing will be
for trout on small to medium sized streams in the Pacific Northwest.
There will also be the occasional lake and pond fishing for trout and
bass.

My questions a

1.) What is a good reel for a college student on very limited budget?
I'd like to keep the price of the reel under $50. I see alot of
pflueger reels priced inexpensively($30). I've also seen A redington
in my price range. I plan on upgrading at some point, so I can have a
back up rod or one for friends to use. My main concern is to be able to
some serious fishing from now until winter.

2) Do I need a large arbor reel? Would you mind explaining what that
is?

3) I've read that a good quality line is more important than the reel,
is this true?
What would be a good line? I can probably drop another 40-50 bucks on
this.

4) Which type of line would you reccomend? Weight Forward or a double
taper.

Thanks for reading all of this and thanks in Advance for any responses,

Dwayne