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I soak my bearings in naphtha to clean them, blow dry them on the cold setting, hit them with the hot setting for about 15 seconds, and then lightly with the blue can (20 weight electric motor oil) 3 in 1. Ron Arra told me a few years ago that's how he does the bearings in his reels--if it's good enough for him, it's good enough for me. Naphtha is relatively safe to use indoors. It's cheaper to buy it in a gallon can at Home Cheapo or Blowes than to buy 8 oz of lighter fluid.
I've heard others who use ATF in their bearings.
I use yellow label Rocket Fuel in the level wind worm gear on the reels that have one.
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