This is my new model for 2014. It was designed to hold a WF5F and 60 yards backing.
It weighs 5.1 ounces. Had the frame been aluminum, the weight would be less than 3 ounces.
The spool is still aluminum, to minimize rotating inertia. There is no counter weight, but the knob pin is aluminum for minimal unbalance.
Inside view showing clicker.
Update 7 Nov 2014: A second example of this design incorporate a “counterweight” for the knob.
North Branch Reels 
Dave – A comment and a couple of questions and a thought:
Is this going to be your production design for the winter?
Why not nickel silver (aka white brass)?
You could leave the holes opposite the handle undrilled as a partial counter balance.
Rich
I think that the brass will patina nicely with use and age. It’s a nice color combination with the aluminum, too. How do you think some acrylic stabilized burl, like the pen turners use, for the grip might look?
Rich,
Yes, I intend to produce this design at least through the next winter.
The nickel silver that I can find as sheet stock suitable for making the front end ring and rear end plate is alloy c770, half hard. I have used this to make the S-handles on some past designs. But It is much more difficult to machine than c360 brass; my time per part would go way up.
I have recently done an experiment with nickel plating, and consider this a possibility for making silver toned reels.
Regarding the lack of counterweight, the knob and its hardware are a total of 2.2 grams. Each porting hole accounts for 0.176 gram if done to both the front and rear spool flange. Since not all the holes left out would be at optimum radius, it is probably not feasible to completely counterbalance. But it would help a little. I am going to fish this reel a while and then decide if it needs an improvement in balance.
Keenan,
It will be interesting to see the brass patina develop. I would also like to try bronze.
Pen blanks are indeed a handy size for reel knobs. I have a couple pieces of stabilized wood, but have not used them yet. A friend has given me a piece of pipe briar also.
Dave
Dave – Actually a little heavier reel is desirable with a bamboo rod since they tend to be a bit front heavy with most reels. Also the truth of the matter is that most of the fish caught are not big enough to peel off line fast enough to be much of concern with a slightly out of balance spool.
Rich
I admire your creativity and the ability to make an object of such beauty and utility. Lust. I have lust for beautiful fly reels. 🙂