At Classic Reels Forum I saw a reel by E. vom Hofe that I particularly liked, so I am using the photo as a general model for my next reel.
Here is the aluminum frame, with parts tumbled in coarse media (plastic pyramids) but not yet polished with walnut shell and rouge.
I expect the weight to come in at 5.25 oz., and that is with a nickel silver crank, handle pin, and counterweight.
I had hoped to use nickel silver for the spool ends, but that would have entailed a weight penalty of 1.4 oz. So I will use aluminum for these. I intend to make a hollow bronze shaft that is silver soldered from 3 parts. This will save 0.50 oz. over a solid shaft.
The vom Hofe reel appears to have an adjustable drag (knurled knob under the crank) per patent 219328, but I will just make a fixed ratchet and pawl drag.
Update 5 June 2011: Here is the frame after polishing with walnut shell and rouge. It is shiny now, but anodizing will make it less reflective.