These are part of our history in the Pacific Northwest. I've used and admired them since the 1950s. The 1495 1/2 model was the standard on fly rods used in Northern California's Eel River when I arrived in the 1970's; everybody who didn't have the bucks for a Hardy was catching their chinook and steelhead with Medalists. Today I use a circa 1959 model 1498 for my winter fishing with 8wt rods. I enjoy the look on the faces of the recently-converted fly fishers I meet afield as they hold their fancy, new high-tech (high price) wonders.
The bigger Medalists hold a bunch of line/backing, have trustworthy drag mechanisms and will take a beating. Just try dropping your micro-tolerance machined reel on the rocks a time or two, and see if you can get it working again.
Look for a USA-made reel with all its parts, and in good working condition - who cares if it has all its finish. I kinda like the honest wear on my Medalist. You can easily replace most parts that are in need by also purchasing a beater/parts reel via ebay. Look for damaged reels and you can find a bargain. After taking it apart and lubricating internal bits, add the counterweight to your spool(s) and you are ready for anything. The One Pfoot company is back up and running (under new ownership), offering replacement parts such as counterbalances, drag plates, screws and the like. Sometimes you can find the One Pfoot stuff on Ebay too.
These reels have a long history of use in saltwater too; back in the day they were among the first reels used by flyfishers stalking stripers, snook and even tarpon! For my money, there's no better heavyweight steelhead reel considering the cost/benefit ratio. For under $100 you can have a counterbalanced-spool workhorse. Weighs more than the high-end stuff, but I am never bothered as I throw my big intruders.