I have never used the Calcutta 400 (can't remember at least) but have been using the Penn 975 ... I hear more positive information over the 400 than the 975, but it was a good reel for me so far ... I would not have a problem fishing bait with it either - eels, etc. they are priced the same, so in the long run, might be better with the 400 ... if cost is a factor ... the 5500 and 6500 are always a good bet, have caught lots with those as well.
As for braid vs mono - I've heard a few reps at line companies say that braid does not give you much of an advantage on fish from convetional over mono as it does in spinning situations, at least two who sell both braid and mono ... so that is something to think consider ..
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