Reel size overkill?

Question for the experience surf casters who've used several different combos. I've owned and used a Penn 7500SS since I was about 20 (now 36) (used mainly for stripers off the NJ coast (though never with much success)). It's the only surf reel I've ever known. Currently I have it paired with a 10' Star Stellar rod (2-5 oz lure, 15-30# line) (purchased at Top Gun Tackle). On the reel I have 20# Ande Back Country mono (not experienced enough to use braid). I've fished this combo for 3 separate trips to Ft. Morgan and generally it's been just fine. Though if I had one complaint it would be that the reel is heavy at times. I can't complain about the performance of the reel in the least. So, is it worth looking at a newer/lighter reel that is perhaps a step down in size? Is the technology such that I would notice any difference in performance/casting? In the past I've mainly cast from the beach and used carolina rigs/fish finder rigs. If I had to say, the fish I am generally interested in catching are reds, specs, pomps and anything in between. I am not interested in catching sharks, though I understand that isn't necessarily up to me.

The only sizable fish I've landed on this combo was a large redfish (at least to me it seemed large (probably about 30", no idea what it weighed)) at the end of the point. The fight was enjoyable and the fish made several runs so I got some good exercise out of it, but I couldn't help wonder if I was gaining an unfair advantage using the 7500ss. Like I said, I have no frame of reference so perhaps this is a good size reel for what I am trying to accomplish and the fight was exactly what it should have been.

I'd like to use it to throw more lures/spoons, though that hasn't been an issue in the past.

I'm not looking to spend money where I don't need to, and if I replaced this reel, I don't know when the Penn would get used in the future (only fish once a year during the annual family vacation), but I'm always up for suggestions. Budget would probably be $150. Even though I only fish once a year, I don't generally like to buy stuff that won't last a long time. If $150 isn't reasonable for something that is decent, then I just need to stick with what I have. It clearly works.

i have a penn 6500 forsale if you want something in the same ballpark but a tad smaller

Grab a Shimano saros 4000 in that price range.

Handles very well and much lighter.

Penn battle 6000 is another good choice. It weighs in at a shade under 22oz and will hold a little over 300 yards of 15lb test line. Back it with braid and run mono on the top and you can increase that capacity. For what you are thinking of spending you could probably get that reel in a combo package with a rod. I think John G and crew have some of these combo deals at J&M If not mistaken. Good reels. The shimano VG mentioned is a good reel as well.

Take a few steps down.

Penn 3rd Gen
4400SS, 4500SS or 5500SS for flipping lures/spoons or bottom fishing, either will handle what you're targeting.
Those older 'Made in the USA' Spinfishers are my favorites.
I've them in 4400SS, 4500SS, 5500SS, 7500SS, 8500SS and two 9500SS.

New Penns, all in your price range.
Spinfisher V in 4500 or 5500
Conflict or Battle in 4000 or 5000
Surf fish those targeting anything you mentioned with 10-12# test, you'll have a lot of fun and ferocious fights.

I got a little education this spring while surf fishing for pompano---I think I've caught eight "bull" redfish, 30" or better on the smaller rigs, size 4000 and 5000 reels with 10# and 12# line, not losing any good hookups and having no trouble landing the big'uns. It just takes a little patience and close attention to the drag. Makes for a much better fight with the smaller fish, too. As long as you're in a spot where you can let 'em run, the lighter tackle works just fine, and the cost is lighter, too.

Chile and JLH both know what they're talking about, obviously, since they agree with me.
---And Viking Guy. J&M has some real good combos at prices that are hard to beat--good quality stuff.

Moor:
ive used a 7500ss for several years. Finally got rid of them due to weight also. Found I could cast a lot better with lighter reels. For heavier fish/line capacity, I use the penn 550. I like Penn reels because the drags seem to hold up better and less problems in the salt environment. I also use a 4500 for Spanish etc. and find they too will handle larger varieties. With than being said, its all personal preference. Haywire said it all when he says pay close attention to the drag. You should check out J&M's reels. You'll be able to work with each one and pick the one you like. Johns staff will give you all the info you need to help you decide. Wish my wife would let me by more reels. Have fun and good fishing...