I've literally just received this little fella today which I bought for drop shotting worms for perch, it's an American import (but bought in the UK) and I intend it strictly for the ultra light rod set up and it feels a really smooth, solid reel with a decent front drag for £30 inc. p&p.
Maximum drag pressure is around 4 1/2lbs, it's a Daiwa too and balances perfectly on the rod...
Edited to add: In the upper price bracket have a look at the Shimano Symetre 500, cracking little reel although I might be getting carried away with the idea that you want a small compact when you might not, target price £75 - £95.