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I am not sure about this but the type of lure you are using will probably effect how deep you can fish with a fly reel!! With the tungsten lures I would be willing to bet 25ft is very doable!!! Like I said not certain but don’t see why it wouldn’t be doable
The limitations of depth when fishing with a fly reel really don’t have much to do with sink rates – efficiency of getting the lure down to the fish. The issue is the 1:1 retrieve ration of the reel on the way up after the fish has been hooked. I love fishing fly reels but will tell you that cranking for what seems like minutes on end to retrieve the line from 30′ of water does get a bit tiresome.
If you’ve got the time and the patience there’s no reason you couldn’t fish a fly reel in 50′ of water. That said most guys seem to put down the fly reel and opt for the spinning reel at depths of 15′ – 20′ at the max.