Dear jmp,
An 8 weight is not an ideal trout fishing rod even when fishing streamers unless perhaps you fishing very deep water with shooting heads and you need a rod with ummph to toss them. For dual duty you might want to look at 7 weights?
Eight weights are however my go to smallmouth and largemouth rod. Check Sierra Trading Post, they had some Powell Rods last week in 9' 4 piece versions that could be had for around $ 100.00. At that price I'm sure they are well worth the money.
Most Orvis rods are pretty decent, and they are a good company to deal with. Take the time to sign up on the Orvis home page for e-mail sale flyers, you might find a better deal that way if you aren't in a hurry.
You might want a mid or large arbor reel for steelheading for the faster retrieve. You can fight your typical bass, even a good sized 4 or 5 pounder with the line held in your hand, they typically don't make fast runs like steelhead are capable of making. You'll probably have to decide which application will get the most use and buy a reel accordingly.
Regards,
Tim Murphy 🙂