I don't think there is much flyfishing in the valley as I don't think the Mad River is big enough to support it. I have never seen anyone flyfishing in the valley. Hopefully noski will chime in as she would have a good handle on the available resources in the valley.
I have seen many people fly-fishing on the Winooski which is pretty close and there is a nice fly-fishing shop up in Stowe that should be able to provide any info about the area's resources. http://www.flyrodshop.com/about_s.html
I assume you know that Orvis is located in Manchester and the Battenkill is considered a top river for flyfishing. Hope this helps.
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