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AS far as the counterweight, the newer style had the counterweight opposite the line roller on the outside of the flyer while the older style had it inside the flyer on the bottom. The older style drag wasn't waterproof. It has a clip retainer which can be removed so you can gain access to the drag washers if needed. The newer style has a rubber gasket which probably can be done at home( don't know, never tried) but looks a tad more difficult. It also has the drag clicker gear attached to the spool where the older style had it attached to the shaft.This is where the spools are different. The shaft holes on the spool are different sizes as well. This is why you can't change out the spools.
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