Typically you want a reel that has a great deal of power behind it.  It is important when fighting a fish to be able to wind as much line as you can while the fish is tired.  This way when it makes its next run it will be trying to merely regain real estate you have already taken from it rather than making you do more work than is necessary.
 
For live bait fisherman there are new reels on the market that cater to your needs as well.  Bait feeder reels are unique in that they have a special switch on the back of the reel that switches the reel from a somewhat free spool to full engaged.  With these reels you can initially set your drag at the level you need and then with a flick of the switch change it to free spool.  This way when the fish attacks your bait you will see and hear the line begin to strip from the reel.  You can gather yourself and then with the simple flick of a switch you can engage the reel at the exact drag setting you have pre programmed and commence fighting the fish from a position of strength.  This reels are truly revolutionary in design and a godsend to all live bait fishermen who are targeting very large species of fish like Sharks.
 
In conclusion do not try to save money on the reel when saltwater fishing.  If you are on a limited budget save instead on the rod.  An ordinary fishing rod with a high quality reel behind it is much better than a rod and reel that are both mediocre.

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