Malibu/Santa Monica Shark Species

[Pinoyfisher]

Those are good low budget reels, like the Penn Warfare. I personally prefer star drags, better casting and the load isn't just on one side of the reel. But ultimately, it's what you are most comfortable with.

[Eric H]

Just save your money and get what your really want, you will thank yourself when it's all said and done.

[sasquatch]

I prefer the star drag. I am familiar with how they work as far as servicing them. Not that they get a whole lot of love, and I do have a great local reel guy that has addressed issues while I wait.

I set my drag by feel, not by scale, and have more muscle memory for how much to bump it up after a bite.

Not familiar with the Lethal, but recommend a metal body reel if you plan to button down the drag. I toasted two Sealine-X graphite body reels. I blame body flex for the bits of brass shavings from the gears.

[1morecast]

I love my Penn Squall 15 star drag reel. It's landed me 7gill and soupies. You don't need a super big reel to land those sharks. You can get a old penn reel for cheap.

[Latimeria]

I love my Penn Squall 15 star drag reel. It's landed me 7gill and soupies. You don't need a super big reel to land those sharks. You can get a old penn reel for cheap.

You don't use a drag Binh. If you do, it's set to 3#'s.  No way 3# will flex the reel.  LOL

[xjchad]

I agree with what was said above.
What you have will handle most soupies and 7's fine.
My gear has really only been tested by big bats, juvie whites (which you will see in malibu) and one huge male sevengill.

You're wise to start with the Leo's and bats, mainly to get used to handling big game fish once you get them in the wash. But you really never know what's gonna bite so it's good to be prepared. 

Get a tail rope.  A lot of us joke about using them, but if you've never grabbed a pissed off sevengill by the tail, you'll be surprised by how agile and aggressive they can be trying to get a bite of you.

Like Eric said, save your money until you can get what you really want. 
If you get the right rod, and need a low budget casting reel, give me a shout.  I can put together a conventional reel for pretty cheap that will work well until you can afford the Fathom, Avet, or whatever you decide on.  I like the lever drags like Jeremy too, but you need to know how to use them or you can do some damage to them.  Star drags are bullet proof for the most part.  I'm not saying the Lethal isn't a good reel, but there's better ones for this type of fishing.

Another thing to know (if you don't already) is that casting a conventional takes some practice.  Use the spinners for fishing until you get comfortable with the conventional at the park or you'll spend a lot of fishing time picking out backlash.

Good luck and post up your reports.  Even if you get skunked, we'll be able to help with tips and tricks to get you on them.  I think it took me a year before I got my first 7, but it was worth it.