There are other reels out there, but BassPro has Baitrunners for under $200, so Cabelas most likely has them... I will lend you a couple if you want to try them out...
The style of reel you are looking for is called a baitrunner. it's not imperative to have a bait runner while fishing live mackerel. I 3 way my mackerel on a tight line and still hook up. if a big bass wants it it's swallowing it In one gulp. you can find penn, okuma, and shimano baitrunners
where I fish it's heavy current so I use around 3oz and that's why I 3 way them. I can imagine you can use a smaller weight on a 3 way rig and it should work. you could also use a rubber core sinker or a small egg sinker above your leader to get the mackerel down. sometimes no weight is required either. all depends on conditions. I tightline because of how fast and deep I drift its hard to feed out line with a 3 way rig and heavy weight pulling on the fish. you miss a few this way so if you can get away with using a rubbercore and opening the bail when you feel a fish take the bait that will be a better method