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I fish penns (bought them right before they stopped being made in the US)
although I don't dunk them regularly, they have been dunked on many occasions and I've never had an issue, I rinse them off and take them to surfland to be serviced maybe once every couple of years!
Those 704's are supposed to be bulletproof anyway, so drilling them probably makes them more so because the water just has more chances to escape before getting in there are screwing the reel up.
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