Hi guys, I need some help guys, I am looking for a resonable 7/8 weight reel that weighs 4oz or less, and hopefully won’t break the bank. Any advice gratefully received.
I have a Bass Pro 7/8 wt Hobbs Creek, not sure what the weight is but its not heavy, true LA, offset disc drag, all metal frame…best part its $40 USD
Good reel for that kinda money
I have the same reel, very nice reel for the money.
I have one in 7/8 and 2 in 5/6
http://www.dorber.com/flyreels.html
they are an FAOL sponsor
The scientific anglers model 79 large arbour super good reel really good drag and a nice price 60.00 
loomis venture 7. $99.
I think you will be hard pressed to find many 7/8 reels that weighs less than 4oz. and are not pricey.
The only ones that I am aware of less than 4oz. are the Waterworks ULA Force 3 and 3x which retail for USD$439
The Ross Evolution 3 and 3.5 are 4.1 (USD$315) and 4.5 oz (USD$345) respectively.
Orvis Battenkill Barstock IV is USD$129 and comes in at 4.25oz.
Not sure how big your bank is. Most less expensive reels are 5-7 oz in that size.
I was gong to recommend Ross as well. Some people, including myself, find them a bit hard on the piggy bank, but they are worth it. I have no complaints about my Rhythm, and I have tried out the Evolution and it is a great quality reel as well. I have heard some complaints about the Big Game though, and I suspect some of those complaints contributed to its discontinuation. All other Ross reels I have seen are near to bullet proof. They have a very reliable drag system that can handle some serious pressure when you hook into a big boy too. If you ever have any trouble with the reel you can get it serviced at no cost. Worth checking out if you have the funds.