I used to use one of those for my flag (the kind with the styrofoam ball and a lead weight under that). Then, on one trip I forgot it and grabbed a reel from my sad bag. It's just a diverite safety reel. I found that I like using a reel much better than the yellow handle thing and never went back.Used this setup for years. 100 feet of line with knots every 10 feet so that I knew how much line was out. Snap connector on the end for attaching to the float.
Worked great for me !!
Divegoose
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That said, the diverite reel is a lot more expensive. If I didn't already own it, I'd consider the one @The Chairman mentioned. Seems to be a good balance of price/function.
I use a finger spool for my smb.