Thanks, Fellas.
I contacted 13 Fishing Sunday evening and they responded by yesterday morning. The reel holds 2 - 300 yds of 2#. The rep also clearly stated that the reel was strictly for shallow water panfishing.
Based on your advice and the rep's suggestions, I decided the reel isn't appropriate for my intended use (jigging smelt in 20 - 50'). Instead, I ordered a LH Tear Drop (LH 6061s are sold out) and 4# fluorocarbon from FishUSA last night. Now, should a trout whack the Hali, I won't be outmatched!
I was initially skeptical about spending that kind of $ for an ice reel, but after seeing how responsive 13 Fishing is, I'm confident it'll be $ well spent.
BTW, line capacity does matter. It's simple geometry -- a full spool on a direct drive reel will retrieve more line per crank. A full Black Betty probably retrieves 8 - 9" per crank while one with 50 yds will only retrieve around 6" per.
Tight lines.