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I would avoid the steel wool. There's a fair chance of getting some metal transfer onto the reel parts or embedding some tiny steel wool particles into them. If this happens you'll get rust bleeding when you expose the reel to salt water. Better alternatives would be brass or stainless steel wire brushes or bronze wool.
Brake washers- I like my reel brakes the same as my truck brakes, no oil or grease not even a trace. This subject needs a whole new thread. I'll wait 'till someone's interested.
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