Toby,
When I was servicing my own Penn and Fin-Nor Ahab spinners that got dunked a bit, I would *lightly* coat the internals with Penn reel grease - just enough to get the gears, bearings, and shafts sticky.
Then, before I closed up the sideplate, I would squirt a copious amount of Pennzoil Marine 100% Synthetic White Marine Grease into the housing.
This is a lightweight lithium grease that protects parts against saltwater corrosion. It has a consistency slightly more viscous than cooking oil. It's very cheap (less than $3.00 for a tube at Wal-Mart) and it seems to work.
Obviously, in the Penns and Fin-Nor Ahabs the one drawback with using a lightweight grease was that oil would occassionally leak through the shaft in small quantities.
Not sure how this would affect the VS o-rings, but the internals should be okay.
-WW
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