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Steve,
I suggest you buy a vintage green Penn 706 reel and send it to Penn's factory service department in Philadelphia for overhaul. (I do this for vintage Penn reels I buy on eBay, even those that are "new old stock".) I think the older reels (like older gals) are nicer.
I think it's well worth the 30 bucks in labor/parts/shipping. Reel comes back a few weeks later as good as new, save for scratches from earlier owners. See Penn's web site for shipping instructions and repair order form.
Bill
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Threaded Mode