The other thing to consider is that if you plan to use the 5wt rod for Steelhead you are very likely to be under gunned. For Steelhead in Michigan I'd go 7 if you're fishing steelhead exclusive and possibly an 8 to deal with really hot steelies and Kings.
7-8 will be too much stick for trout, even in Colorado. A 4, 5 or 6 would do you well out there.
The Switch line you referenced in your comment is a long bellied line more similar to traditional spey line. I find it to be good for nymphing and swinging light streamers with shot, but if you were looking to do skagit casting and use t-tips, you'd be better suited with the Switch Chucker. You could use the Switch line but you'd be better suited by lining up if you were to use that with tips. The Chucker is the bomb with lighter, shorter tips once you get that dialed in but doesn't do so well if you're nymphing since the head is shorter and more stout and well, a Skagit head. This is why lots of guys use two reels different lines or they go with running line and multiple heads. There are advantages to each, but I'm finding I much prefer integrated running lines better for casting. The versatility of running line and different heads is hard to beat though.
As the others have pointed out, I would really encourage you to go to a shop familiar with two hand rods and seek their help getting you dialed in. If you have the chance to get out with a guide who can teach you some basics and let you use their gear, I'd recommend that as well. I am recommending this approach as this is what I did and I found it to be incredibly helpful. Not only would you get some instruction, you'd get to test out some rods/line and learn so much more than you ever would in a shop by actually fishing with the tackle. Not to mention it might help you determine if you really want to go forward with two handed rods. I don't mean to discourage you from jumping into the mix but there is so much to learn and not everyone that jumps in seems to stick with it.
On the other hand, I and many others think they're great fun and offer a very enjoyable way to fish.