jsalkas,
Congrats on your new rod purchase. I'm sure that you'll be happy with it.
Just my two cents on this. I have both reels that you asked about.
The Bass Pro Ultralight is small, very small. It's a nice little reel that I use on a 6'9" moderate action 4 wt. It fits this short rod nicely and makes for a sweet setup. The reel has no drag, but I've not encountered a bluegill that has taken me into the backing yet. As a matter of fact I have no backing on the reel. Not enough room if you use an 80' or so line.
I tried the Orvis BBII on that rod and it did not feel as good as the BP Ultralite. I am satisfied that I made the right choice.
That being said, I have a Temple Fork 7'6" 3wt. that really is a nice rod. The BP Ultralite reel is too small for this longer rod, even though the rod is one weight below the 6'9" rod.
The Orvis fits very well with the longer rod and is a pretty sexy little number that will give me 60' casts almost effortlessly.
Personal preference? Absolutly. I tried them on each rod and bought what felt good to my hand.
Hope this helps a little.