I have 2 of the CW303D and they are pretty good reels. Nice drags but watch the clicker. If you get hung up trolling at 2.5+ MPH and you have the clicker turned on it may come apart... both of mine did. If you take the side panel off you can put them back together and it should be fine until the next time you get hung up.
I can easily get 7 colors with backing on the 303 model so I would think you will be fine with 5 colors.
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