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OK, reddish-brown means probably sometime between 1960 and 1980. Black torpedo handle would put it more towards the later date I think. If it has the original drag washers they're likely leather and raw brass. Especially if they're stuck together like you said--the leather is probably all dried out and glued to the brass. Get a whole new set of new washers. Think they're 4 metal and 3 HT-100. The aftermarket weashers your friend has are likely "Smoothies". They're good but you may have to replace them after a year or so---the HT-100 washers last almost forever.
Is the spool the same color as the reel? If so, it's plastic and that may be why you think it feels "hollow" when compared to newer Squdders ya tried that have the aluminum spool. Plastic spools are hard to come by these days and a lot of old Squidder fans love 'em, so if you don't like the way that spool feels, you might be able to swap someone for an aluminum one.
Pick up a half dozen of those little dog springs when you get the washers---they are a beech to seat. The manual tells you the trick, but you probably didn't get one with the reel. That little dental pick is a good tool for seating that mother. Call Penn and they can probably send you a manual, or maybe check their website and see if they have any info there.
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