RE: 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.