All excellent advice. I used to use naphtha as a solvent to degrease the parts, but WD-40 works just as well and is safer. Buy a gallon jug at Home Depot and the difference in price between that, and kerosene or naphtha is minimal, and worth the added safety. Don't even think of using gasoline to soak parts in, or turning on the radio might be your last mortal act in this life.
As far as lubricants go, I use 20 weight 3-in-1 electric motor oil to lubricate bearings and level wind components. I tried Rocket Fuel and found that any additional casting performance was trumped by the inconvenience of having to re-lube more often--sometimes the bearings would get noisy after half a tide. A shot of 3-in-1 oil lasts for several trips. I use Super Lube grease on the conventional reel gears and internals, like the dogs and free spool clutch. A little goes along way, and excess grease can contaminate the drag washers that sre housed inside the main gear on conventional. I use Penn HT-100 washers where they'll fit in other reels, because they can take a little grease and oil without getting sticky. In the Daiwa reels I have with felt washers, I use my ever-dwindling supply of Braid drag lube. I may try the Shimano product experimentally over the winter, to guard against the day when the Braid supply will inevitably run dry. Since I tend to use my Penn Z-series spinning reels under wet and sandy conditions, I pack the entire housing with that waterproof grease The Surfcaster sells. I lube the line roller and the oil ports around the handle with 3-in-1 oil. Mine don't have bail springs, but they should also be oiled if yours does.
One other product you should buy is denatured alcohol, to clean and degrease your drag washers. It also comes in handy in the wintertime to clean road salt and other contaminants from your vehicle's wiper blades, to eliminate streaks and extend blade life.
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