Nice reel. I have a few old ones that I'd like to spice up sometime. I don't have a VS so I can't say anything about them besides; hell ya I want one, but I cant' afford it now. If the Van Penn is capable of getting somewhat wet and can tolerate it with the proper care then it may be worth it to do that. I bet drilling may tamper with the strength but those things are tough, and I doubt it would ever weaken it too much.
I've accidentally dunked a few reels that shouldn't be dunked and with the proper care they've been fine. I don't advise it though.
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