I'd spend more $$$ on a set of waders then I would a reel. I'm guilty of spending quite a bit of $$$ on centerpin reels, but in the end all they do is hold line. Sure you'll have better start up on some vs others and better bearings etc, but if it's not in your budget, get a cheap reel (Especially if it's for a second setup) and spend that extra $$$ on waders.
Islanders are workhorses, I'd take that everyday over a KingPin. You could fish it for years and probably sell it for what you bought it for as long as you take care of it.