My dad just recently gave me a lamson lightspeed 3.5. I have never even thought of flyfishing can anyone tell me if this is a good reel, and what kind of rod i would need to go with it. I will probably use this for saltwater if that will help any for the rod.

Yes, nice reel alright. Lamson website Looks to be for 8 or 9 weight rods/lines.

I have several Litespeeds and they work fine in fresh or salt water. Some say their drag will not hold up to repeated runs from heavy fish, and they may be light on capacity, with not enough room for the backing you need for fish that make long runs, but so far mine have given me no problems.