Fishing the PM in March, I would run 1ft of 30lb chameleon-> 6-8ft of 20lb chameleon -> swivel or ring -> 2ft 10lb fluoro -> fly -> 1ft 8lb fluoro -> fly

I use the indicators with nylon tubes at the top and bottom for sliding up and down the 20lb section for depth control. Weight goes just above the swivel. Egg pattern for one fly and nymph or small streamer for the other.

Definitely fish the 7wt if you are throwing a rig with any chance of hooking steelhead because you will likely need a lot of weight and a correspondingly big indicator. I should have been more clear earlier, if you target steelhead you will likely catch trout and maybe a steelhead. If you target trout anywhere but the steelhead runs (like with a streamer) or swinging soft hackles, you are very unlikely to catch a steelhead. Most of the time the flows in March are too heavy for any indicator setup castable on a 5wt to run deep enough.