fly rod for smallmouth and maybe steelhead........

If you mean smallmouth on the Yough, Erie, and medium to bigger waters, I'm partial to a 7.  Will throw anything you want for smallmouth on the big waters, enough heft to work with bigger fish, enough punch for wind but not so big that a 12" fish is overwhelmed.  And, a 7 wt is about ideal for an all around tribs rod for steelhead.
 
I have a 9' 7 wt that I built on an Amtak blank.  It is my go to steelhead rod for all purpose fishing.  Could use some more length for nymphing and light line on big water, a little bit long for the tiny stuff but on the whole I can fish it in any stream in PA, OH, or NY and not be handicapped.  Also makes a great streamer rod and big trout rod.  I wouldn't go longer than 9' if it is your primary smallmouth rod since casting longer rods will wear on your wrists all day.
 
If you are talking about smallmouth in medium to small streams and fish that top out at 3 lb, I'd stick to your 5 wt.  It doesn't take much to throw a clouser or most any other smallmouth patterns, especially for smaller streams where you're only talking 50' or less.  Work on casting practice more than getting a new rod.
 
Pick your price range and go try some rods.  Find the action to fit you and find a rod with that action in that price range you specified.  The St Croix SCIV 9' 7 wt is one of my favorite rods to cast ever.  The Sage SLT 9' 7 wt is super sweet and I think they are on closeout.
 
thanks
rick

I bought an 8wt just for what your talking about. The reason i went to 8 was so that if I decide to try striper's i can have a slight chance of not breaking the rod. I also fish my bass in the rivers so what if a musky tags that clouser... or a carp.. they are known to eat minnows. I dont think i want a 50" fish on a 5 wt. Not that an 8wt is for fish that size either but it will give me a hope of landing it. You can bet if I ever land a fish that size it will be on the wall.

And you might lasso a musky!

rapala11,  casts_by_fly is right on in my opinion. a 7wt! a friend of mine got a l.l.bean 6pce. 6wt. outfit. he fishes the yough. a lot and it packs down great on his bike. he fishes for trout and it's not that heavy of a rod. i also noticed it improved his casting. as far as an 8wt. for steelies? that's what i've used the past 2 years. i fish from sun up 'till the last cast i can see. the 8wt. gets heavier longer in the day and it makes a different. i use a 7wt. now. just some advice, if you're going to fish all day take notice to how much a rod weighs and how much the reel weighs when you get an outfit. you can any fly guy about this and he'll agree!! ~doubltaper

once again, thanks to all who helped.  hope by spring to be stringing a new rod.