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Yes it would be better to have a reel.
If you buy an Omer speargun, Omer reels are good and they are not expensive so don't worry. (same said for Cressi: reels are cheap).
Floatlines: many americans use floatline system instead of reel, especially for blue water hunting on big pelagic fish, and this makes sense. But for hunting reef fish on shoals, I think that a floatline is just a hassle, my 2 cents.