I have that rod in a 4wt, and I think it balances better with a heavier reel. I have a ross flyrise 2 and a SA GPX line on it and I think it balances it perfectly for the way I fish.

There has been many discussions on the board about balance. Some have said lighter is better, some say balance is important.

The fly fish ohio article, i believe, says to balance with 9 feet of line out of the tip for best casting. Of course, you can balance the rod with any amount of line out of the tip, as soon as you add or decrease line the rig will no longer be in balance. The best way to decide is to cast the rig on the water, you will soon see at your normal fishing distances if the rig feels light and easy to cast or if you feel it needs more or less weight. You can always add a few feet of lead core line, as the article suggests to add weight.

I have found many of the ultra light reels to be too light for my taste. Just my two cents, YMMV.