Loaded question...
for starters - all ABU reels have inferior drag systems, the 7000 less so but they can all be improved. The common upgrade is to get Extreme Smoothies, about 6-8 bucks, to upgrade the drags - Mike T has them... The other option that I've done but am waiting to try on nice fish is to put some HT100 Penn drags in it. The drags I had were not from a 704, I got them from Paul the reel guy - proper inner diameter but I had to trim the edges. I squeezed in three and in static tests it's much better than stock and even the extreme smoothies.... Here is a link to a thread on my site:
http://www.striped-bass.com/vbulleti...ight=penn+drag
I've souped up my existing bearings a little but I'm about to try the ceramics. I've seen them running on a reel but haven't casted one yet - about $40
OK for levelwinds - the best pure caster is the CS Mage Elite, it's a nice package and with a powerhanle (add-on) and the Penn Drags - very sweet. No clicker. Will outcast the Calcutta 400 a little
The Big Game 6500CL feels a little more solid casts almosts as well, can handle the same upgrades and has the clicker - solid reel.
"Cheap" Abu - 6500C4. Can handle all the upgrades but is less money. Comes with padle handle
Best value Abu - is the 6500TCST Trophy Striper. It's essentially a 4 bearing C-4 with marron sideplates and a power handle for about the same price as the C4 - also a good reel.
I have a couple Mag Elites and 6500CL - I like them all and like them better with the updates. The Calcutta is still my favorite big fish/eeling rod - especially in the suds and I'm looking to try the ceramics in it [img]images/icons/wink.gif[/img] ... Oh yeh - and it come stock with the best drag system...