Isn't the XP a fairly fast action rod? My response is based on that.
In my opinion this would be a good combination steelhead/bass rod, especially if you are talking mostly lake erie tribs for the steelhead. Now, if you were just after a steelhead rod, I prefer moderate action, or even slow... and longer is better. Slower action helps protect the tippet. Consider even going to a 10 footer, but 9 or 9.5 will do the job espicially if most of your steelhead is in the PA waters (smaller waters than Ohio has). No need to go heavier for lake erie steelhead either. If you plan to fish the Ontario tribs, you might want to go with an 8 wt. I currently use a 9 foot split cane rod that is a fairly slow 7 wt for steelheaed. For bass, I use a fairly fast split cane 9 ft, 8 wt. It punches out the bass bugs a little better. However, it is out of comission for now, and the steelhead rod has been doing double duty the last couple years.